If you haven’t filed your taxes yet, time is running out. Federal and state income taxes are both due Wednesday, April 15. Michelle Bachtel from H&R Block in Knox says you need to have personal information for everyone on your return handy before you start. This includes Social Security numbers, birth dates and full legal names as registered with the Social Security Administration. You will also need documentation of all of your income from wages, tips, savings, investments, retirement, rental property, self-employment or farming.
Adds all income is presumed taxable unless it is specifically excluded by law. Bachtel says some commonly missed items include hobby income, gambling winnings, state tax refunds, alimony, jury duty, reimbursements from HSA, long-term care, prizes and awards.
In addition to income information, you also need to bring records to claim any deductions and credits. These may include child care receipts, college expenses, Schedule A deductions and IRA contributions. Bachtel says it’s a good rule of thumb to bring anything you think you might need. Also, if you bought health insurance through the marketplace last year, you will get a 10-95A. It needs to be brought to your tax appointment as well.
Find more information online at www.IRS.gov. Additionally, nearly two million Hoosier taxpayers may qualify to file their federal and state taxes online for free with Indiana freefile. If a taxpayer’s adjusted gross income (AGI) was $60,000 or less in 2014, they may be eligible. Visit www.freefile.dor.in.gov for more information.
