Tips for the 2017 Tax Season

Helpful Tips for the 2017 Tax Season

2017 Taxes tips in Green Bay, WI

With the 2017 Tax season here and in full swing, it’s time to figure out your 2016 tax return. There are a variety of different benefits available to you throughout the year that can help you get the best tax return possible. Here are a few tips and tricks to help you with your tax return.

Maximize your retirement plan contribution

Your employer probably offers a 401k or pension plan. If possible, you should try to contribute the maximum amount allowable, especially if your employer matches your contribution. By doing this, all of your funds saved are tax-deferred and are able to grow tax-free.

Income tax credit

Income tax credit is often overlooked by workers filing their taxes, and can often be extremely beneficial. If your worked and earned less that $53,505 in 2016, you are possibly qualified for the credit. You must file a return to receive the credit, so don’t miss out on it!

[Read more: Get help with your taxes in Green Bay!]

Scholarly tax breaks

There are some pretty significant tax savings awarded to workers who they themselves, or someone in their family is pursuing higher education. Those with higher education costs can apply for three types of credit, the American opportunity credit, the lifetime learning credit and the tuition and fees deduction.

Filing gifts

If your gave out a significant amount in gifts over the year, you may need to report it in your taxes. Filers that gave more than $14,000 in cash, property or gifts to anyone need to fill out the gift on Form 709. If you were the recipient of a gift (or a lottery winner), you don’t need to report it unless it is over than $100,000.

For more information on the tax season and filing your taxes, feel free to check out the rest of our blog!