How can I reduce my taxes for 2011

What tax years can I get rid of?

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

Can I amend a tax return from 5 years ago?

The IRS will only accept an amended return within three years of the date you filed the original return or within two years of the date you paid the tax for that year, whichever is later. You can’t e-file your amended return. You can prepare amended returns online, but you can’t electronically file them.

How do I zero out my taxes?

12 Tips to Cut Your Tax Bill This Year

Tweak your W-4. …
Stash money in your 401(k) …
Contribute to an IRA. …
Save for college. …
Fund your FSA. …
Subsidize your dependent care FSA. …
Rock your HSA. …
See if you’re eligible for the earned income tax credit (EITC)

Can I get rid of old tax returns?

You can shred and dispose of those supporting records and keep the copy of the return once those statute of limitations have passed, as long as you can prove a return was filed. The odds of the IRS asking about a years-old tax return are low, but it can happen.

Can the IRS go back more than 10 years?

As a general rule, there is a ten year statute of limitations on IRS collections. This means that the IRS can attempt to collect your unpaid taxes for up to ten years from the date they were assessed. Subject to some important exceptions, once the ten years are up, the IRS has to stop its collection efforts.

How can I reduce my gross income tax?

Reduce Your AGI Income & Taxable Income Savings

Contribute to a Health Savings Account. …
Bundle Medical Expenses. …
Sell Assets to Capitalize on the Capital Loss Deduction. …
Make Charitable Contributions. …
Make Education Savings Plan Contributions for State-Level Deductions. …
Prepay Your Mortgage Interest and/or Property Taxes.

How can I maximize my tax deductions?

To maximize your deductions, you’ll have to have expenses in the following IRS-approved categories:

Medical and dental expenses.
Deductible taxes.
Home mortgage points.
Interest expenses.
Charitable contributions.
Casualty, disaster and theft losses.

Is it better to claim 1 or 0 on your taxes?

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2.

When should old tax records be destroyed?

As a rule of thumb, you should retain records that support items shown on your individual tax return until the statute of limitations runs out — generally three years from the due date of the return or the date you filed, whichever is later.

How far back can the IRS audit you?

three years

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don’t go back more than the last six years.

Can I throw away old w2?

After you receive your form W-2, and checked it against the last pay statement for the year, you can shred and discard all paycheck statements. Again, use a cross-cut shredder for this.

Can I get rid of 2014 taxes?

If no exception applies to you, for federal purposes, you can probably discard most of your tax records that are more than 3 years old; add a year or so to that if you live in a state with a longer statute. Examples: Susan filed her 2013 tax return before the due date of April 15, 2014.

How long should you keep bank statements?

three to seven years

KEEP 3 TO 7 YEARS
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.

How can a 20 year old file a tax return?

Taxpayers can call 800-908-9946 to request a transcript by phone. Transcripts requested by phone will be mailed to the taxpayer. By mail. Taxpayers can complete and send either Form 4506-T or Form 4506-T-EZ to the IRS to get one by mail.

Can I get a tax refund if my only income is Social Security?

Yes, if you meet the qualifying rules of the CTC. You can claim this credit from the Internal Revenue Service (IRS) based on each of your qualifying children, even if you get Social Security or SSI and don’t normally file a tax return.

Do you file taxes if you have no income?

Do I Still File a Tax Return? If you didn’t earn any income in the last tax year, you’re not obligated to file a tax return. The IRS has minimum income requirements that change annually based on inflation as well as your tax status, such as single, married filing separately or jointly, head of household, etc.

How much money can a child make and still be claimed as a dependent?

The IRS defines a dependent as a qualifying child under age 19 (or under 24 if a full-time student) or a qualifying relative who makes less than $4,300 a year (tax year 2021).

Which parent should claim child on taxes to get more money?

Typically, the parent who has custody of the child for more time gets to claim the credit. But if the custody agreement mandates that it’s a 50/50 split, then the parent with the higher adjusted gross income gets to claim it.

Can I claim my child as a dependent if they file their own taxes?

Can I claim my child as a dependent if they file a tax return? Your child can still qualify as a dependent if they file their own taxes. They will need to indicate that someone else claims them as a dependent on their return. See how this is done in TaxSlayer.