There are still ways to reduce your taxes or get a bigger refund before the April 15th deadline. Consider putting money into a pretax IRA, a spousal IRA (if you're married), or a health savings account. These contributions can lower your taxable income or provide tax-free growth.
To ensure prompt tax refunds, file a complete and correct tax return with information matching IRS records. Gather all necessary tax forms, including W-2s and 1099s. Verify your income and claim eligible deductions and credits, such as mortgage interest and tuition expenses. Review previous tax returns and consider life changes that may impact your return. Filing an accurate return initially is crucial to avoid delays from amended returns.
Married couples can choose to file taxes jointly or separately. Joint filings typically offer lower tax burdens due to higher brackets and a larger standard deduction. However, separate filings may be advantageous for spouses with student loan repayment plans or who prioritize itemized deductions. Filing separately can entail penalties and the forfeiture of specific tax benefits.
