Share this story
Close X
Switch to Desktop Site

Get a jump on tax time

Here's an idea for kicking off the '00s: File your taxes early and have your refund in time to pay off holiday credit-card bills.

KPMG, an international advisory firm, offers a few helpful tips for getting the job done:

About these ads

*Gather receipts for deductions, such as employee business expenses, charitable contributions, appraisals for large contributions, etc.

*You can still contribute to IRA accounts through April 17, 2000. Check the new rules and consider a Roth IRA. Remember, earlier contributions mean you have more time to accumulate tax-free income in your account.

*Get Social Security numbers for 1999 newborns.

*Decide on the most efficient filing method (mailing your forms into the IRS or submitting them electronically).

*Speed up the receipt of your refund by selecting the direct-deposit option. This allows your refund to be deposited directly into your bank account.

*Most important, stay organized and keep tax records in a secure place.

In addition to these quick pointers, don't overlook such time-honored tax deductions as home mortgage interest, property taxes, unreimbursed employee travel, job uniforms and tools, job-hunting costs, professional tax preparation, and moving expenses.

About these ads

(c) Copyright 2000. The Christian Science Publishing Society

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.