• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Cook County
        • Barrington
        • Glenview
        • Northbrook
        • Skokie
      • Lake County
        • Gurnee
        • Lincolnshire
        • Riverwoods
        • Vernon Hills
        • Waukegan
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Resources
    • Client Resources
      • Free Seminars
      • Estate and Gift Tax Figures
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Probate Resources
        • Glenview Probate
        • Lake Forest Probate
        • Lincolnshire Probate
        • Northbrook Probate
        • Vernon Hills Probate
        • Waukegan Probate
    • Frequently Asked Questions
      • Asset Protection
      • Business Succession Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Financial Planning Assistance
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration & Probate
      • Trusts
    • Legacy Wealth Planning
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • BLOG
  • Contact Us
  • Review Us

Hedeker Law

Illinois Estate Planning Attorneys

Connect with us today(847) 913-5415

Attend a Free Seminar
Home / Estate Planning Articles / Four Tips for a Pain-Free Tax Season

Four Tips for a Pain-Free Tax Season

January 31, 2014

Compliments of Our Law Firm,
Written By: The American Academy of Estate Planning Attorneys

New Year’s Day has come and gone, and April 15th looms in the not-too-distant future. While it’s true that many of the big tax planning decisions – like deferring income or bunching deductions – should be made before December 31st, there is still plenty you can do to save money and hassles this tax season. Here are a few simple suggestions:

  • Get Organized. Don’t wait until April to begin gathering the information you’ll need to file your tax return. Starting in January, retain all the tax paperwork you receive, including:
  • W-2’s
  • 1099’s
  • Mortgage and student loan interest statements
  • All other tax-related information

If you haven’t already, begin gathering and sorting last year’s receipts. This will put you in the best position to be aware of all the deductions available to you. It will also prepare you to substantiate all the deductions you claim, just in case you’re one of the lucky taxpayers chosen for an audit.

  • Fund Your IRA. If you didn’t make the maximum contribution to your IRA before December 31st, you have until April 15th to do so and take advantage of the tax savings. Your contribution is only deductible if you have a traditional IRA, and the current rules are as follows:

The maximum annual contribution is $5,500 if you are under age 50 ($6,500 if you are 50 or older). In order to qualify for a traditional IRA, you must be ineligible to participate in an employer-sponsored retirement plan or you must meet certain income requirements. If you are single, your adjusted gross income cannot exceed $59,000. If you are married filing jointly, it cannot exceed $95,000. 

  • Pay Attention to Deadlines. You know the deadline for filing your tax return is April 15th, but what happens if you need an extension? You can file Form 4868 to extend your filing deadline to October 15th, but be careful – the form only gives you breathing room when it comes to filling out your tax return. You’re still required to estimate your tax bill and pay the IRS by April 15th. Failure to pay on time can result in a penalty.
  • Dot Your I’s and Cross Your T’s. Before you submit your return, make sure you’ve signed it – and take a second look at all the social security numbers you’ve entered, paying special attention to your dependents’ numbers. Failure to include this information for your children can be an expensive oversight – without social security numbers, the IRS will not allow the $3,900-per-dependent personal exemption, nor will it grant you the $1,000 child tax credit applicable to children under 17.

A pain-free tax season starts with planning and organization. Take your time, know the rules, make smart choices, and you’ll save yourself both money and stress as April 15th approaches.

About Our Law Firm
The Law Firm of Armstrong & Fisch is devoted exclusively to estate planning. We are members of the American Academy of Estate Planning Attorneys and offer guidance and advice to our clients in every area of estate planning. We offer comprehensive and personalized estate planning consultations. For more information or attend an upcoming seminar, please contact us at (858) 456-0626 or visit us online at www.lawfirm.com.

About the American Academy of Estate Planning Attorneys
This article is written by the American Academy of Estate Planning Attorneys. The Academy regularly publishes articles on various estate planning topics as a free resource to consumers. These articles are intended as an overview of basic estate planning topics and issues, and not legal advice. We recommend that you consult with a qualified estate planning attorney to review your goals.

The Academy is a national organization dedicated to promoting excellence in estate planning by providing its exclusive membership of attorneys with up-to-date research on estate and tax planning, educational materials, and other important resources to empower them to provide superior estate planning services to families in their communities. The Academy expects members to have at least 36 hours of legal education each year specifically in estate, tax, probate, and/or elder law subjects. Since 1993, the Academy has been a highly-regarded and sought-after resource for attorneys and consumers alike, and has been recognized by Consumer Reports, Suze Orman in her book, 9 Steps to Financial Freedom and numerous times by Money Magazine.

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • link
  • youtube

Testimonials

Client Review
September 8, 2020
    

Dean's knowledge is very comprehensive and current. He not only sees and understands the particular question but he puts it in the context my particular matter and to the overall business and tax environment. Dean has been my attorney for many (over 20) years. I am also an attorney but I would never make a tax, business or financial decision without his extraordinary advice and counsel.

default image
Raymond

Where We Are

LINCOLNSHIRE
1 Overlook Point, Suite 610,
Lincolnshire, IL 60069
Phone: (847) 913-5415

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

hedeker_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • twitter
  • link
  • youtube
footer-logo

Hedeker Law Ltd.
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.