The New Year is official upon us. With every new year comes tax season. Depending on who you are you’re currently dreading the monotony of it all or fearful of what’s to come.
I’m here to say, “Have no fear.” For the average American, filing taxes does not need to be an arduous task. Get a headstart in 2018 by following these 5 quick tips getting your tax business settled on time and quickly. Some tips will be useful now and some should be followed throughout the year to stay organized and prepared for next year.
Keep Organized Records Throughout The Year
Many of these tips pertain to organization. Whenever you are dealing with a financial transaction throughout the year you should keep all of your records together in one place. This includes receipts, lease agreements, contracts, etc. When the time to file has come, you’ll have everything ready.
Keep An Updated Resume And Refer To It
This sounds strange at first, but if you worked for multiple employers through the year, you’ll need to know who to expect any W-2’s from. If you received separate commission checks or strictly commission from any of them, you’ll need to file separate forms for those jobs.
Keep Your Tax Forms Filed
Quite often we need to refer to last year’s tax return to complete the new year’s. Ideally you should keep all old tax forms locked up in a cabinet for safe keeping. If you don’t have a file cabinet, then your favorite hiding place will do.
Take Note Of Charitable Donations
Charitable donations are tax deductible. If you make any donations whether monthly or randomly, take note of these so you can deduct them when you file.
Are You Eligible For Deductions?
It’s a good idea to research all possible deductions to avoid overpaying your taxes. If you’ve had any major changes in your life this year (bought a house, got married, had a child) you may be entitled to some substantial deductions. Do a quick we search to learn about possible deductions.
These are just a few things to consider when filing your taxes. Keep them in mind to make filing easier this year and for years to come. For more financial tips keep coming back to Dean Myerow Finance.