GOLDEN VALLEY, Minn. - KARE 11 is partnering with the Minnesota Society of CPAs (MNCPA) to answer your tax questions.
The KARE 11 Taxline phone bank will be available March 21-24 from 4:00 p.m.-7:30 p.m. and March 25 from 8:00 a.m.-10:00 a.m. Call 1-888-546-8811 to connect with a CPA and get your tax questions answered.
The following are a list of 11 tax tips to keep in mind when filing your taxes in 2017. Tips are Provided by MNCPA member Steven E. Warren, CPA, MBT, Schechter Dokken Kanter CPAs.
1. Use the trade date rather than the settlement date for determining when a security was purchased or sold.
2. Your auto tabs registration fee less $35 per vehicle can be deducted as tax expense when you itemize your deductions. If you cannot find your registration statement, a copy can be obtained from the Department of Motor Vehicles website by entering your driver’s license number or plate number where indicated.
3. Make sure you have the appropriate support for your deductions in the proper form and in a timely manner. For example, obtaining proper support for a charitable contribution prior to filing your tax return is normally required to deduct the donation.
4. Out-of-pocket charitable contributions and charitable mileage are deductible and are often overlooked.
5. Consider any dividend reinvestments when calculating the gain or loss on the sale of a security.
6. Deduct the balance of any unamortized points when you refinance your home mortgage.
7. Some lower-income people choose not to file because they don't owe anything. However, they may be missing out on a refundable earned income credit, working family credit or property tax refund. Filing is also the only way to get a refund of income tax withholding that was not owed.
8. State income taxes are deductible to taxpayers who itemize, including the balance due with your last year's state income tax return.
9. Make sure the names and social security numbers used match what is in the Social Security Administration database.
10. When paying your federal balance due with a check, be sure the payee is “United States Treasury” and to sign and date the check.
11. For filing by paper:
* Sign and date the returns.
* Attach to the tax returns copies of W-2s and 1099-Rs that include withholding.
* Copy the signed returns for your records.
* Use correct postage. Consider sending using certified mail if additional proof of mailing is desired.