By: Alicia Higgs, MBA
4. Did You Earn Less than $51,567 Last Year?
If so, you could receive an Earned Income Tax Credit (EITC) as a tax refund if you qualify. Families with qualifying children may be eligible for up to $6,044. Use the EITC Assistant tool on IRS.gov to find out if you qualify.
5. Check to See if Your Qualify for the Child Tax Credit
Do you have at least one child that qualifies for the Child Tax Credit? If you don’t get the full credit amount, you may qualify for the Additional Child Tax Credit. To claim it, you need to file Schedule 8812, Child Tax Credit, with your tax return.
6. Are You a Student or Support a Student?
If so, you may be eligible for the American Opportunity Credit. Students in their first four years of higher education may qualify for as much as $2,500. Even those who owe no tax may get up to $1,000 of the credit refunded per eligible student. You must file Form 8863, Education Credits, with your tax return to claim this credit.
7. If Using an ITIN, Check The Expiration Date
Many ITINS Expire Jan 1. Renew now to avoid refund delays (Form W7) An Individual Taxpayer Identification Number is used by anyone who has tax filing and payment obligations under U.S. law but not eligible to file under a Social Security Number.
8. Get Organized in 2017 -- Keep Everything for Next Year!
If you haven't been organized before regarding your taxes, now is the time! Save receipts, make donations to charities, and protect your information. If in doing taxes and you discover that your identity has been compromised, fill out an Identity Theft Affidavit. (Use an identity theft affidavit if your information has been compromised).
9. Start Saving for Retirement
Take advantage of the Saver's Credit which helps offset part of the first $2,000 voluntarily contributed in an IRA or work place 401K. MyRA.com to start saving for your future retirement. Saving $10 a day for the next 10 years yields at least $36,000. Start now! It's called investing in yourself one dollar at a time until you build up your personal wealth.
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