Benjamin Franklin once wrote, “In this world nothing can be said to be certain, except death and taxes.” For some, tax time is the more intimidating option.
Save yourself the hassle and aggravation of tax season by taking steps to gather what you need before the taxman comes calling. By being better organized, you’ll put yourself in a position to further your support of Indiana University and other causes close to your heart.
- Gather Your Documents. Employers have until Jan. 31 to send earning statements. When you receive your tax forms, review them for accuracy. The earlier you are able to catch potential errors, the lower your chance of a penalty in April.
- Get Organized. If you have receipts from charitable organizations or major home improvements, now is the time to organize your paperwork. Remember to make note of any major life changes and their implications as you file this year.
- Itemize, Itemize, Itemize. Instead of opting for the standard deductions to reduce your taxable income, list each tax deduction and credit you may qualify for. When you itemize your deductions, you can deduct charitable donations that you’ve made during the year. Visit IRS.gov to read more about the variety of credits and deductions available this year.
- File Electronically. Once you’ve calculated your adjusted gross income, itemized your deductions and credits, and completed the necessary tax forms, you are ready to file your taxes. Visit IRS.gov to explore the many electronic filing options (known as E-File) available for individuals looking to get an early start. Electronic filing is the best way to ensure an error-free return.
Did you support IU with an annual gift last year?
Contact the Office of Gift Planning Services at 800-558-8311 or email@example.com to learn how you can extend your impact and support IU with a gift in your estate.