Benjamin Franklin once said nothing is certain but death and taxes—and while we can’t do anything about the death part, we can make tax season easier on the wallet with these five tips:
1. Claim any tax credits available for tuition costs.
2. Remember to deduct student loan interest.
If you paid interest on a qualifying student loan last year, you can deduct up to $2,500 in interest paid! The IRS defines a qualifying student loan as “a loan you took out solely to pay qualified higher education expenses.” Click here for more information.
3. File your taxes for free!
The IRS offers free tax prep software to individuals with an income of less than $58,000 and Free File fillable forms to those who made more than that. Learn more here.
4. Get help with your taxes!
Tax professionals are expensive. Fortunately the IRS offers an Interactive Tax Assistant—free of charge.
5. File your taxes on time to avoid penalties!
Taxes are due April 15, 2014, so file before then or apply for a six-month extension by clicking here.