MADISON PARK RESIDENT KURT ROMISCHER is a professional income tax preparer who for the past 11 years has witnessed nearly every form of tax-related pitfall—and he’s got a few tips just in time for the April 15 deadline.
1. Get the App for That
Keep receipts of any transportation fees accrued during work trips, including taxis, toll fees, and ferries. And to keep it all organized, download the MileTracker smartphone app.
2. Be Stock Savvy
Because the IRS won’t know the purchase price and date of your stocks and mutual funds, it’s up to you to keep records of the original costs so the IRS only taxes you on the gain.
3. Check It Twice
If you’re handing over your bank information to your accountant or tax preparer in order to get a quick direct deposit of your refund, make sure all the info is accurate. If even a single number is off, the bank will reject the deposit, and your money could get stuck in the ether for two months or longer.