INDIANAPOLIS, Ind. (WOWO): It‘s time to break out the W-2‘s, open up the receipt box, and start scribbling away; but before you do that there are some warnings to heed.
Jason Stanfield, lecturer at Purdue University, says its not uncommon for people to file quickly and forget about a major deduction or part-time job they may have had earlier in the year.
If you are expecting a big bill he says that it can also a good idea to get in touch with an accountant sooner rather than later to help get that number down before filing.
Looking ahead to 2015 its important to start thinking about your taxes sooner rather than later. In many cases a little planning does a long way.
One example, Stanfield says, lies with medical expenses. He suggests planning medical procedures together in the same year for a big tax deduction. That includes procedures that are medically necessary but maybe not time sensitive like dental work or laser eye surgery.
He says it really does pay to know a little about your taxes and know what moves you can make.
