More people are ahead of the tax game this season and are filing earlier than in previous years because the trend of electronic filing has finally caught on, says Timothy Rupert, associate professor of accounting and tax concentration at Northeastern University. Electronic filing is for even the greenest computer user, according to Rupert, but there are strategies to remember for even this relatively foolproof process.
“Keep in mind that some electronic filing services increase their fees for filing returns after March 31, so those who haven’t filed yet should consider filing early to avoid the possibility of these higher fees,” he says.
Whether filing electronically or the old fashioned way by paper copy and the USPS, Rupert offers the following tips: http://www.northeastern.edu
- “Take time to determine if you are eligible for the rate reduction credit,” he says. “This credit is related to the rebate checks that were approved last summer. Most taxpayers received a $300, $500 or $600 check (for single, head of household, or married taxpayers). If you received a check in this amount, you are not entitled to this credit, but if you did not receive a check, you may be entitled to receive the credit this year.”
- “Be careful as you write the names and social security numbers of dependents on your tax form,” says Rupert. “In recent years, the IRS disallowed dependents on returns if the name on the return didn't match the name registered with the Social Security administration for a given social security number.”
- “If you have children, look at the age requirements for various tax benefits to see if they qualify,” he says. “Currently, there are a number of tax breaks related to children, but the age requirements vary for the provisions.”
- If taxpayers are itemizing their deductions, they want to make sure that they go through their records carefully to ensure that they pick up all of their qualifying expenses, he says. “If you’re going to go to the trouble of itemizing, make sure that you retain all the appropriate receipts and materials,” he says.
- On Massachusetts state returns, taxpayers should look for new deductions and increases in old deductions that were added this year, explains Rupert.
Rupert is on the Board of Directors for Community Tax Aid of Boston, a non-profit organization that provides free tax preparation services for low-income taxpayers throughout the Boston area. He prepares tax returns for more than 200 people at centers at Northeastern University and the Dudley Street Neighborhood Initiative.
Timothy Rupert
Associate professor, accounting
Office phone: 617-373-5165
Email: t.rupert@neu.edu
Boston-based Northeastern University, a private research institution, is a world leader in practice-oriented education. Building on its flagship co-operative education program, Northeastern links classroom learning with workplace experience and integrates professional preparation with study in the liberal arts and sciences. For more information, please visit us online at http://www.northeastern.edu