Experts: Start thinking about taxes now

POSTED: 05:54 PM MST Jan 03, 2014 
Experts Start thinking about taxes now
IDAHO FALLS, Idaho -

While individuals won't be able to file taxes until Jan. 31 this year, Darin Dallimore, an accountant with Galusha Higgins and Galusha, says it's never too early to start preparing.

"By all means, file as quickly as you can, especially if you're getting a refund. People always want to get that refund as soon as possible,” said Dallimore.

You'll also want to take advantage of as many tax credits as possible. If you earn below a certain amount, you may qualify for the earned income credit.

"Even if they don't pay any taxes in, they potentially can get a refund on their federal return for the amount of that credit,” said Dallimore.

There's also less-well-known Idaho-specific credits.

"If they've made contributions to schools or public TV, libraries and different things like that, there's an Idaho credit,” said Dallimore, who adds it's actually increased to a maximum of $1,000 this year.

Unfortunately, this year it became harder to claim medical expense deductions.

"Now you have to have medical expenses above 10 percent of what's called adjusted gross income. In the past that's been 7.5 percent,” said Dallimore.

Businesses will be able to file taxes as early as Jan. 13.