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Getting Your Taxes Done Early? Mississippi Expert Has Some Advice

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:

  1. 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.
  1. Popular Tax breaks were once again “extended” – these include deductions for state sales tax, mortgage insurance premiums, and teacher classroom expenses.
  1. Watch out for “Life Events” that could impact your taxes – marriage, divorce, adoption, child birth, new job, job loss or retirement.
  1. 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).
  1. 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.

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