NATCHEZ, Miss.–It’s the end of the year, and also time to get ready for tax season. Deanne Tanksley, with Gillon Group in Natchez, offers these quick reminders:
- If you are going to take a charitable deduction, you need to have a receipt in hand when you file your taxes – cancelled checks don’t count. If you try to get a receipt “after the fact” in response to an IRS request for documentation, you deduction will be denied.
- Popular Tax breaks were once again “extended” – these include deductions for state sales tax, mortgage insurance premiums, and teacher classroom expenses.
- Watch out for “Life Events” that could impact your taxes – marriage, divorce, adoption, child birth, new job, job loss or retirement.
- Don’t forget retirement savings – You have until April 15th 2015 to contribute to your IRA for 2014. For 2014 you can contribute up to $5,500 ($6,500 if over 50).
- Get your paperwork in order – keep an eye out for W2s (Wages), 1099-INT (Interest), 1099-DIV (Dividends), 1099-S (real estate transactions), 1099-C (debt forgiveness) – these should be mailed out by 1/31/2015.
For a complete list of deductions, consult your tax preparer or the IRS.
Tax filing deadline is April 15, 2015.
Eddie Ray, with News Mississippi affiliate WQNZ, contributed to this story.
