![]() ![]() Because why take a $6k deduction when you can take $8k?” says Perlman. “Most people use the standard deduction - and it's certainly easier, but it’s a good idea to run those numbers and see what you have. For 2017 many items are eligible for deduction including charitable donations, state tax, moving expenses, disaster and theft losses and so on. “And it’s where a lot of people make a mistake: they leave this income off their return.”īut don’t sell yourself short. ![]() “This is for your interest income,” says Jackie Perlman, principal tax research analyst at The Tax Institute at H&R Block. Make Sure You Have All Your Forms - Including From Your Bankīefore you start with the calculator, make sure that you have not only all your W-2s and 1099s (employers have until today to get everything to you in the mail), but also a 1099-INT from your bank. Here’s how to get the most out of this tool and understand the basics so that by the time the April 17 deadline comes, you’ll have this all far behind you. H&R Block has one, as does NerdWallet and TurboTax. A great way to start is to use a tax estimate calculator online. “I think one of the best things you can do is just get started ASAP,” Andrea Coombes, an investing specialist at NerdWallet, tells NBC News BETTER. This doesn’t help us with the stress of it all, which can be mighty - a 2017 report by the American Psychological Association found that Uncle Sam’s demands weigh heavily on our minds, with 28 percent of adults in the U.S saying that high taxes are a source of stress. According to a TurboTax survey, 20 to 25 percent of all Americans dally until the last minute. Some of us may be grateful to get the oft-dreaded task over with, but many will wait until the last minute. Tax season officially opened on Monday, meaning that you can start filing for the 2017 tax year now. We may still be basking in the bliss of a new year, but we can’t fully say goodbye to 2017 until we take care of one crucial task: filing our taxes. ![]()
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