FAmIlY oRGANIZER SCoRE TICkETS FoR

34There are some greaT new Tax apps Download Shoeboxed onto your smartphone: You snap a 6 smallbusiness deducTions jusT goT easier

Until tax year 2013, in order to deduct your home-ofce space you had to slice and dice expenses like mortgage interest, property taxes, utilities and depreciation. Now the IRS allows you to take a simplifed deduction of $5 per square foot for dedicated workspace for up to 300 square feet. “Some people were missing out because they didn’t want to keep track of everything,” says Greene. “This fat system makes it a snap.” If you netted more than $400 last year—in babysitting, bookkeeping gigs or an Etsy shop—you’ll have to pay self-employment taxes on your earnings, so make sure you get your business-expense deductions as well.

should you diy?

Yes, if you have a simple return and own no property. But if you run a business or have had a life change (say, you’ve started to care for your parents), using a CPA or accountant is wise. photo of your receipts (or you can mail them in) and the app captures and organizes your records electronically. Come April, you can easily export sorted receipts to popular tax programs. With TurboTax TaxCaster, you can punch in some basic numbers and instantly get a ballpark figure of what your tax bill or refund will be. And once you’ve filed, the IRS2Go app lets you check on the status of your refund.

you may

5be able To amend your reTurn

This is the second year that same-sex married couples anywhere in the U.S. can reap the federal tax benefts of marriage. But lesser-known news is that these couples can amend previous federal returns for 2011, 2012 and 2013. This will most likely beneft couples with big income disparities— for example, one spouse is a stayat-home parent or was unemployed during the recession. “Amending does not make you more likely to be audited,” adds Labant—and it could score you a belated refund.

doublechecking for Typos is key

“One of the most common mistakes is using the wrong Social Security number for dependents,” says Greene. “If you have kids, you need Social Security numbers to get some valuable deductions.” An error could delay or jeopardize, for instance, the Child Tax Credit ($1,000 per child), the Child Dependent Care Credit (up to $2,100) and the Earned Income Tax Credit (up to $6,143 with three or more qualifying children). Take a minute to confrm these numbers before you fle.

7an irs insTallmenT plan is smarTer Than charging whaT you owe

For a onetime enrollment fee of $120 (or $52 if you set up direct deposit), you can break your tax bill into payments spread out over 72 months, with a relatively modest interest rate of 3% annually. Though paying with a credit card might be easier—and can earn you miles or points—note that the interest rates on most plastic are far higher than those of the IRS.

The

8odds of being audiTed are slim

In fact, just 1 in 104 (based on 2013 fgures). And if you don’t own a farm, rental real estate or a small business, those odds dwindle to 1 in 250. “When you’re running a small business, the IRS tends to look a little more closely,” says Kay Bell, a tax expert at bankrate .com. That’s because people may intentionally or unintentionally claim excessive deductions. “When the IRS is comfortable that they know everything about your earnings, they tend not to mess with you.” If you do have the bad luck of being audited, keep in mind that only 3 in 10 audits require a face-to-face meeting. Most audits are resolved by mail.

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