Tax Season Prep Tips to Help You Stay Organized
Prepare to file your taxes in April!
It’s that time of the year again. You’re buried in a pile of old receipts and you’re ready to tear your hair out. Tax season can be extremely stressful (you are dealing with the IRS, after all), but don’t let it get you down. Check out these helpful tax prep tips.
Evaluate your income.
Stay organized and make a list of all your income sources. Then determine which forms you need to go with each source. When you have it all laid out, you’re less likely to forget something.
Collect all your receipts.
Your receipts may be hiding some tax deductions. While a business dinner here and there or a donation to your charity of choice may not seem like a big deal, you’d be surprised by how much they can add up. Look into whether or not you’re missing out on deductions.
Look at your withholdings.
Traditionally, taxpayers tend to hold off on choosing to withhold taxes. However, there may be greater benefits to having your taxes withheld. If you decide not to withhold taxes, you’re going to have to pay up come April 15. Depending on how you’ve managed your money in the past year, forking over several thousand dollars may not be so financially feasible. If it’s already taken out of your paycheck, then you have less to worry about and you may even get a check in the mail.
Get ready for next year.
The more prepared you are, the less stressful filing your taxes are. Make sure to get ahead and start preparing your taxes for 2017. The more organized you are, the better. You’ll have smooth sailing for your taxes next year.
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