Year after year around this time, government workers, small business owners, entrepreneurs and all other taxpaying citizens find themselves dreading the return of one of the most hated seasons – tax season. We understand how stressful this time of year can be with trying to make sure you get all of your paperwork filed accurately and on time, so we’ve compiled a list of ways to stay organized and on top of your taxes. Get started today!
Decide now how you want to file
Whether it’s through a software, traditional paper filing or your family’s accountant, deciding ahead of time what you’re going to do will help you know what steps you should take first.
Know about any changes
Being aware of changes ahead of time will not only help you stay prepared for what’s to come, but it will also lessen your stress by reducing unexpected surprises. Here’s a freebie; April 15th, which is known amongst most as tax day is actually not the tax deadline this year; its April 17th since the 15th falls on a Sunday.
Organization is the key to success
Don’t let your tax documents get lost in the clutter of your kitchen counter, or wherever you dump your mail. Store these documents in a specific place whenever you receive them in the mail. Also, if you didn’t do such a great job at it this year, make it your tax season resolution for the following year to track mileage and save your receipts and records if you’re a business owner or freelancer.
Know your deductions
Ever heard the phrase “don’t leave money on the table?” Every year American’s do just that by not claiming their tax money. Know beforehand what you can claim as a deduction such as interest you pay on student loans/mortgages, or miles you drove while volunteering.
Last year, out of 152 million tax returns, 111 million resulted in a refund. So, if you’re expecting to get money back, why not file as soon as possible? You can get your refund faster by filing your taxes early. Track your refund through the IRS “Where’s My Refund” link.
Remember, filing taxes can be stressful, but nearly everyone has to do it. The earlier you get started and the more organized and prepared you are, the easier it will be. Take advantage of all the free tools out there that can help you make the best decisions during tax filing season. Good luck!