WASHINGTON, DC — (Marketwire) — 04/02/12 — April 17, the last day to file taxes, is around the corner. Free online tax filing provider suggests five ways to maximize your refund, or minimize your payment, if you owe taxes.
1. You may be due money back even if you don-t owe any taxes. One in five Americans fail to claim the Earned Income Tax Credit (EITC) each year. Calculate your EITC benefits by visiting . For a helpful list of tax credits and deductions that you may be eligible for visit .
2. . You-ll have to gather all relevant documents and receipts whether you do your taxes yourself or pay a preparer. If you earned below $57,000 in 2011, use MyFreeTaxes.com to file both your federal and state taxes. MyFreeTaxes.com provides easy-to-follow directions and saves your work at every step. If you earned less than $50,000 in 2011, you can take advantage of free, in-person Volunteer Income Tax Assistance (VITA) sites through United Way in more than 100 communities nationwide. Enter your zip code on to locate the nearest free filing center.
3. If you owe taxes, you-re probably waiting until the last minute. This is when you-re much more likely to make a mistake and may miss out on your highest possible deductions. With only 2 weeks left, prepare your documents now. Check out for a handy checklist to help get your taxes in order.
4. In particular, those having to do with your vehicle (gas, parking, repairs, auto registration), medical expenses, charity donations, and business expenses, especially if you are self-employed or have incomes outside your full time job. These expenses may reduce your self-employment income, which means you pay less in taxes.
5. Your refund is not a gift from the IRS — it is part of what you earned. Use it wisely. Get your refund directly deposited into your savings account or use it to order paper bonds. One in four people in the US are unbanked or underbanked and savings bonds can make an ideal refund option. Series I Savings Bonds have a current 3.06% rate that-s better than most savings accounts.
is made possible through funding from the Walmart Foundation. One Economy, United Way and National Disability Institute-s Real Economic Impact Tour are committed to providing online and on-the-ground free tax filing and preparation for low- and moderate- income individuals.
Lee Davenport