Maximize your tax return

Tuesday, April 06, 2010
By Julie Wiegan


If you’re looking to get your taxes done by a professional, there are a few simple things your tax preparer should know. Roni Deutch, tax expert and author of The Tax Lady’s Guide to Beating the IRS: And Saving Big Bucks on Your Taxes shares her top 5 tips that will help you get the maximum return.

Family Changes
If you got married, divorced, had a child, had a kid start daycare, had a kid start college, or took in a relative, your tax preparer needs to know! Few things impact your taxes more than a change in your family.

Home Changes
In these unstable times, taxpayers’ housing situations change often. This can impact the deductions you are allowed to claim and could cost you thousands in credits if you forget to bring it up.

Job Changes
If you got a new job, lost a job, looked for a new job, or were on the receiving end of a pay cut, your tax preparer needs to know. Between deductions for job hunting expenses, paying for medical insurance out of pocket, reduced income, and new rules for unemployment benefits, you could save a ton of money on your taxes.

Major Purchases
Tell your tax preparer of any major purchases you’ve made this year. Any large purchase may impact your tax bill, so even if you don’t think it will matter, tell him anyway. Better safe than sorry.

Bankruptcy is becoming commonplace with today’s dismal economic climate. Each bankruptcy chapter filings require you to file your taxes differently, and have different rules for how deductions, credits and exemptions are claimed. If a bankruptcy filing is part of your financial future, you should seek out a tax preparer with extensive experience with bankruptcy.

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