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(HawaiiNewsNow) - Tax season is right upon us and if you haven't already filed your taxes, you're probably hoping to get that done soon. Here to share some tax season tips is Amy Miller from Bank of Hawaii.
It's a good idea to e-file your taxes. It saves trees, time and money for both you and the IRS. All the forms you need are built into the software. If you're owed a refund, you generally get it faster when e-filing. However, there are times you have to file a paper return, so check the IRS website or ask an accountant. The most common deductions are worth anywhere from $5,800 to $11,600 by listing out each deduction you qualify for. This is done when your total deductions are more than the standard amount. Medical expenses, charitable donations, mortgage interest payments can all be deducted. Sometimes it really comes down to time - if have time to itemize each deduction. A tax credit reduces the amount of taxes owed. So, if receive $1,000 credit, you'll pay $1,000 less in taxes - simple! There are a lot of tax credits: electric vehicle credits, education credits, child tax credit, dependent care credit... To see a list of all credits, visit IRS website. One last tip, if you can't file on time, file an extension. But you'll still need to estimate and pay any taxes owed, on time. Bank of Hawaii will be offering free seminars to the public throughout the year. To see the seminar schedule click HERE!
