Tips for Preparing Tax Returns

Yuriy Shor serves as a case negotiator at Freeman Saxton & Associates, PC, in Atlanta. Prior to his current position, Yuriy Shor worked as an accounting coordinator with United Controls International and completed a tax internship with Martin & Orr, LLC.

Tax season makes many Americans nervous, but people should view their tax return as an opportunity to make sure they get what they are owed from the government. A number of strategies exist to achieve this goal. One tactic that married couples might consider is the “married filing separately” status. Most couples file jointly, believing they will receive a larger return. However, this is not always true, as the IRS takes a percentage of adjusted gross income (AGI) to determine whether some deductions are eligible. When a couple files separately, each spouse receives a lower AGI. The lower the AGI, the more deductions are eligible for each spouse.

In addition, many individuals shy away from including large amounts of deductions because they worry that the IRS might not consider all of them or view them as suspicious. As long as deductions are legitimate, people should include them. However, it is wise to learn considerations for specific deductions. For example, an individual can deduct moving and travel expenses when relocating for a new job as long as the new job is 50 or more miles away.