Re-print from Farmers Insurance
This year April 15th is on Sunday so the Internal Revenue Service extended the 2011 tax filing deadline to April 17th.1 That’s two extra days but many of us are still not prepared or even preparing. Don’t panic; there’s still last-minute strategies that may help to positively impact your 2011 tax return. Here are some tips you may wish to consider:
- Contribute to a traditional IRA — If you are eligible to make tax-deductible IRA contributions — eligibility depends on your income and whether or not you participate in a pension, 401(k) or similar qualified plan — it’s not too late to make your 2011 contribution. Just contribute before April 17th and specify that you are making a 2011 contribution. Consider making a contribution even if it’s not tax-deductible.
- Consider filing electronically — Regardless of your income, you can file your tax returns online for free through the IRS website at www.irs.gov. If you’re eligible for a tax refund, filing electronically will help you get it more quickly than mailing in your return.
- Add to your retirement savings quickly and easily — When filing your tax returns electronically, the IRS allows you to designate which account(s) it should transfer your refund to. You can opt to have part or all of your refund transferred to your IRA and/or any mutual funds you select. As the saying goes — no see, no spend.
- Check, check, check your numbers — We all make mistakes but mistakes will slow down the processing of your return and the issuing of your refund, if you have one coming. Double-check all the Social Security numbers and math calculations on your return as these are the most common errors made by taxpayers. Then check again.
- If you haven’t yet filed your tax return, the Internal Revenue Service offers tips to taxpayers. If you have questions or run into a problem, visit www.irs.gov or call the IRS toll-free at (800) 829-1040. Happy filing.
1http://www.irs.gov/newsroom/article/0,,id=251825,00.html
This document is for information purposes only. You should consult your attorney, accountant or tax advisor for legal or tax advice.
Life insurance and Annuities issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040.
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* The content of this blog is for informative purposes only. It does not reflect official standing of any agent, agency, or company mentioned on the blog. Nor is this blog necessarilly an endorsement. Please consult with your insurance, tax, or legal specialist before making any decisions. This blog is purely meant to spark the thought process.
