Tax Prep: Maximize Your Return

0:00In Durham today, March 17, tax season is here and getting your return done right can save you time and stress. Whether you handle it with software or hire a certified public accountant, start with solid prep steps to make everything smoother. One smart move is grabbing a tax checklist or organizer online. These tools help you collect all your documents early so filing becomes just plugging in numbers. If you're working with an accountant, they often send one already filled with last year's info on income, investments and donations. Many folks face the choice between itemizing deductions or taking the standard amount. For this year, singles get $15,750 standard while married couples filing jointly get $31,500. Seniors over $65 now qualify for an extra $6,000 deduction or $12,000 for couples, though it phases out above certain. Key itemized breaks include state and local taxes up to $40,000 for most, mortgage interest

1:04and medical costs over $7.5% of your income. If receipts are missing, check old credit card statements or ask providers for summaries. Finally, download your investment forms from tax centers and make IRA or health savings account contributions before filing to claim deductions. Max out your IRA with monthly auto deposits like $625 for those under $50 to stay ahead next year too. The Daily News Now is grateful to our sponsor for today's episode. Some people meditate. I just lay down and press play.