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Tax day quickly approaching

By Callan Gray, cgray@wcyb.com
Published On: Mar 29 2014 08:28:43 PM CDT
BRISTOL, Tenn. -

There’s only about two weeks until your 10-40 forms have to be on their way to the IRS, but even with the deadline looming, sitting down with your W-2 and getting the process started can be daunting.
Liberty Tax's Scott McPhail says the first step is to get all of your forms together.

That means the W-2 from your employer; any social security cards for dependents and receipts for anything you'll use for itemized deductions.

"Things you decide to itemize, which is going to be your mortgage interest, your taxes paid, odds and ends like that medical bills," explains McPhail.

McPhail says it's important to remember that you'll only benefit from itemizing those things if they amount to more than your standard deduction.

He says right now that's $6,100 per person.

If you can't save money there, McPhail says you can in other areas, “If you pay for childcare you can deduct portions of that from your taxes also."

Parents can also claim their children as dependents until they're 24-years-old.

If your child has a summer job, they can get money back for it, “They can file taxes for non-dependent purposes just to get refund back and their parents can still claim them as a dependent on their return," adds McPhail.

If you have business expenses you're also in luck, “They need to keep their receipts, keep down mileage keep down anything that might help their business,” McPhail adds.

All of this needs to be sent in by April 15. If you don't think you'll make that deadline you can file for an extension, good until October.

But it's important to remember, even with the extension, you still have to pay any owed taxes by the April deadline.