Tips For Filing Your Tax Returns In Meridian, ID

In Idaho, taxpayers hire accountants to prepare their tax returns each year. The accountants are familiar with tax laws that apply to these returns. As the laws change, the taxpayer must prepare for the upcoming tax season more proactively. The following are tips for filling Tax Returns Meridian ID and maximizing refunds.

Pay Mortgage a Month Early

Homeowners generate an additional interest-related credit by paying their first monthly mortgage payment early. If they submit January’s payment before the end of December, the taxpayer can apply credit for the interest on their tax return. Lenders provide access to a mortgage accelerator program for these purposes. If the taxpayer prefers, they continue to pay their payments one month in advance and generate this savings.

Maximize Contributions for Retirement Accounts

The standard contribution for 401-K retirement plans offered by employers is six percent of the taxpayer’s annual income. However, they can increase this value during the year or before the end of December. Accountants recommend maxing out the available contributions to generate a higher tax credit at the end of the year. These recommendations equate to a value between ten and fifteen percent of their annual income.

Married Couples Should File Separately

When preparing Tax Returns Meridian ID, CPAs recommend that married couples file separately. The change in status prevents them from losing additional earned income credits and lowers their overall taxable income. The individual with the higher income overall should claim all dependents under seventeen on the return. This strategy increases the total value of tax credits they receive. Browse the website for more information.

File With Your College Student

Parents of college students should file a return with their child. If the student lives at home or in the dorms, the parent should add their income to their tax return. They receive earned income credit for their college student based on their full-time enrollment status.

In Idaho, taxpayers follow tips provided by their local CPAs to maximize the tax refunds. These tips help them to generate higher tax credits and reduce their tax liabilities. Taxpayers who need to file their Tax Returns Meridian ID should contact Silver Bridge CPAs in Meridian and schedule an appointment now.

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