HONOLULU (HawaiiNewsNow) - Last minute tax tips...The individual income tax deadline is in 2 days. There is still time and a few things you can do to avoid common mistakes and possibly help maximize your savings for the 2009 tax year.
Joining us in studio is Doreen Griffith...
1. Check if you qualify for the Making Work Pay and Government Retiree Credits
• If your income tax withholding was reduced during 2009 because of the Making Work Pay refundable credit, you must complete Schedule M, attach it to your Form 1040 or 1040A and claim the credit on your return to benefit from it.
• A $250 Government Retiree refundable credit available to recipients of government pensions or annuity payments in 2009 as a result of service performed for the U.S. government or any U.S. state or local government and not have been covered by social security.
2. Claim Haiti contributions on this year's return
• Contributions made between January 11, 2010 – March 1, 2010 (for 2009 tax year)
• Itemize deduction on Schedule A
3. Consider File electronically
• e-file – fast, accurate and easy
• IRS can issue refund in half the time
4. Refundable food/excise tax credit – Hawaii return
• Available to each Hawaii resident individual taxpayer who cannot be claimed as a dependent by another person and whose federal adjusted gross income is less than $50,000.
• Hawaii Schedule X
5. Check your numbers and sign your return
• Two common mistakes that result in IRS processing delays
6. File an extension
• If you are unable to file by April 15, file Form 4868 – will give you an additional six months. Filing an extension request gives you an extension of time to file, not to pay. You should pay any tax due with the extension request.
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