Tax season is upon us! Are you ready?
Tax season is one of the most dreaded times of year. Fortunately, it doesn’t have to be this way! With proper organization and early filing, you can make your tax season go much more smoothly!
No matter how much assistance you get from tax accountants and programs, here are some key ways to organize your filing:
- Gather your receipts: Large or small, potential deductions like charitable contributions or business expenses can add up. Even if you’ve never itemized deductions in the past, knowing the amount of your potential deductions could determine whether you should begin itemizing this year.
- Make a list of income sources: Make a list of what you should be expecting by identifying all your income sources, from employers to banks to mutual funds, rather than relying on the random arrival of tax forms.
- Consider an IRA contribution: You can make an IRA contribution until the tax filing deadline, and still have it count for last year.
- Revisit your withholding instructions: Conventional wisdom has been to minimize withholding even if it means paying up at tax time, because that way you’ll have the money at your disposal throughout the year. With savings account interest rates near zero, it might be worth re-thinking this approach.
- Learn from it: Learn from your missing receipts or trouble calculating gains and losses for next year’s tax return!
Trying to get all of this done before the deadline puts you right on the one-way road to Stress Ville. Creating a process and organizing your time and documents ensures that you are on the way to Success Town before you know it!
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