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NORTH WILL HAVE EXTRA TRAINS.
NEW JERSEY TRANSIT IS OPERATING
ON A HOLIDAY SCHEDULE.
WE'RE JUST TWO DAYS AWAY
FROM THE START OF TAX SEASON AND
THE IRS EXPECTING MORE THAN 150
MILLION TAX RETURNS THIS YEAR.
WHILE YOU HAVE UNTIL APRIL 18TH
TO FILE THIS IS THE TIME TO
GATHER IMPORTANT DOCUMENTS.
JEFFERY LEVINE IS HERE TO HELP
US GET READY.
EVERY YEAR I SAY
I'M GOING TO GET THIS DONE SO
EARLY AND EVERY YEAR I END UP
ASKING FOR AN EXTENSION.
WHEN
IS THE PAST TIME TO FILE?
FIRST OFF ABOUT 70% OF
TAXPAYERS ARE EXPECTED TO GET
REFUNDS.
IF SOMEONE HAS YOUR
SOCIAL SECURITY NUMBER ONE OF
THE TOP SCAMS OUT THERE IS THEY
WILL ACTUALLY FILE A TAX RETURN
FOR YOU.
THEY'RE NOT NICE
CRIMINALS.
THEY DON'T FILE A
TAX RETURN TO PAY YOUR TAXES,
THEY PAY THEM TO CLAIM A BIG
REFUND THAT GOES TO THEM.
YOU
ONLY FIND OUT WHEN YOU FILE YOUR
REAL TAX RETURN.
YOU COULD
ACTUALLY GET A BILL FROM THE IRS
SAYING YOU OWE US BACK THIS
MONEY, YOU TOOK TOO BIG OF A
REFUND.
SO YOU WANT TO BEAT THEM.
SDMRSZ BEAT THEM TO THE PUNCH
BEAT THEM TO THE PUNCH.
MOST PEOPLE FILE TRON
ELECTRONICALLY.
IS THAT THE
BEST WAY?
IT IS THE BEST WAY.
IT'S SAFER, MORE SECURE AND HELP
ING
YOU GET A SPEEDIER REFUND.
EVEN IF YOU HAVE A LOT OF
PAPER RECEIPT, A LOT OF PAPER
WORK?
EXACTLY.
YOU OSAMA BIN LADEN NEED THAT
-- YOU ONLY NEED
THAT FOR A BACK UP.
TODAY THE
IRS AUDITS FEW RETURNS.
IF
YOU'VE GOT GOT RECORDS AND GOOD
RECEIPTS YOU'RE GOOD.
WHEN YOU SAY KEEP RECEIPTS
IT SOUNDS OVERWHELMING.
WHAT
RECEIPTS SHOULD PEOPLE BE SAVING
AND DOES THAT EVEN APPLY TO
EVERYONE?
IT DOES APPLY TO EVERYONE
BECAUSE PRETTY MUCH EVERYONE HAS
DEDUCTIONS.
IF YOU GO TO A IF
DOCTOR AND PAY A MEDICAL BILL
THAT'S A RECEIPT YOU SHOULD
KEEP.
IN YOU GIVE A DOLLAR TO A
CHARITY, KEEP IT.
IT ADDS UP AT
THE END OF THE YEAR.
PEOPLE WHO
DON'T KEEP GOOD RECORDS
UNDERESTIMATE BECAUSE THEY DON'T
WANT TO GET IN TROUBLE.
THERE'S NO SAFE WAY?
IF YOU'RE NOT SURE TAKE A
BIG FOLDER WITH SIDES AND THROW
EVERYTHING IN THERE.
I'D RATHER
GO THROUGH THAT THAN NOT HAVE
IT.
WHAT ARE SOME COMMON
MISTAKES THAT PEOPLE MAKE WHEN
FILING?
THERE'S A NUMBER OF THEM.
FORGETTING TO SIGN YOUR RURP,
RETURN,
INPUT ERRORS.
A LOT OF PEOPLE
FILE ELECTRONICALLY
SO THIS REMOVES A LOT OF ERRORS.
INCORRECT SOCIAL SECURITY NUMBEE
OF THE BIG ONES
THAT PEOPLE MISTAKES ON.
TODAY
WE LOOK AT FORMS LIKE 1099 THAT
NOT ONLY YOU GET A COPY OF BUZZ
THE IRS GET AS COPY OF THOSE.
LET'S SAY YOU HAVE THREE OR FOUR
AND YOU DON'T INCLUDE WOULD YOU
YOU'RE GOING TO GET A NICE CALL
FROM THE IRS SAYING YOU OWN US
MONEY, INTEREST AND PENALTIES.
IT'S HARD TO KNOW WHAT YOU
CAN AND CAN'T WRITE OFF.
WHAT
ARE SOME COMMON THINGS THAT
PEOPLE MISS?
THERE ARE A LOT OF THEM
UNFORTUNATELY.
SO, AGAIN,
FAILING TO INCLUDE CARRY OVER
LOSSES FROM LAST YEAR.
WHEN WE
START WITH THIS YEAR'S RETURN WE
LOOK BACK AT LAST YEAR, SEE WHAT
YOU HAD.
DID YOU HAVE ANY CARRY
OVER LOSSES FROM LAST YEAR.
NUMBER TWO ON THE SCREEN IS ONE
THAT'S NOT REALLY A DEDUCTION
BUT SOMETHING THAT PEOPLE MISS.
OTHER STATING YOUR INCOME IS THE
SAME THING AS NOT TAKING A
DEDUCTION.
A LOT OF PEOPLE HAVE
MUTUAL FUNDS OR SOME OTHER STOCK
WHERE EVERY TIME THEY GET A
DIVIDEND IT BUYS MORE BUT THEY
DON'T INCLUDE THAT IN THEIR COST
BASIS.
WHEN THEY GO TO SELL
THAT CAN SECURITY THEY ACTUALLY
HAVE A BASIS THAT'S ARTIFICIALLY
LOW.
IT SHOULD BE MUCH HIGHER.
THE DIFFERENCE IS WHAT YOU PAY
TAXES ON.
YOU WANT TO ADD THAT
EACH YEAR TO GET THAT COST BASIS
HIGHER TO PAY AS LITTLE TAX AS
POSSIBLE.
THANK YOU SO MUCH FOR BEING
HERE.
WE REALLY APPRECIATE IT.
IT'S A LOT OF INFORMATION BUT
WE
HAVE MORE ON OUR WEBSITE SO YOU