Getting ready now means an easier filing next year
April 24, 2012
By now you should have finished filing your state and federal income taxes. If you haven’t, you need to as soon as possible. They were due on April 17!
If you qualify, you can still file your return for free online by using the new Indiana freefile website – www.freefile.dor.in.gov. You can also use filing software you purchased, or a tax professional can still do your taxes. Filing online is the fastest way, but the state can still accept a paper return, too.
The sooner you get your return submitted, the sooner your obligation to file is complete.
If you already filed your taxes, then you need to start planning for next year. Some simple organization will make your life much easier when it’s time to submit your taxes for 2012. And, if you plan in advance, you can take advantage of the various credits and deductions Indiana offers.
It’s a new year, so if you’ve had any major life changes (a marriage, divorce, a baby, etc.), you might need to update your W-4 form at your employer. Talk to your human resources department if you need to make updates to the exemptions you’re claiming.
You should also start a file where you keep all your receipts. This way, you’ll be ready to itemize for next year. Your file doesn’t have to be expensive or complicated – you could use an envelope or a shoe box.
Now you will have somewhere to keep all the receipts you collect through the year. For example, you should keep the receipts you get from gas stations if you travel for business.
This is also a great time to start a College Choice 529 plan. This savings account for college expenses can be used to pay for tuition, books, equipment costs and reasonable room and board. Best of all, you can qualify for up to a $1,000 tax credit by putting money into a College Choice 529 plan.
Or, if you’re thinking about making your home more energy efficient, you can take advantage of a deduction of up to $1,000 for insulating your home. So before the weather gets hot, you might want to think about installing new insulation and weather stripping.
There are many ways you can lower the amount of taxes you owe and be more prepared to file. Check back every month for more important information.
If you have any questions and would like to speak with a bilingual representative at the Indiana Department of Revenue, please call (317) 232-2240 (press 2 for Spanish) from 8 a.m. to 4:30 p.m., Monday through Friday. You can also visit the Department’s Web site at www.dor.in.gov/.
To return to Señora Hinojosa’s tax blog, click here.
If you have any suggestions for this blog, please e-mail those suggestions to Señora Hinojosa at feedback@dor.in.gov
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