Tax time is here. Here’s how to get prepared.
The tax season has arrived, and although it’s not one of the most loved times of the year, it’s important that you get prepared. Although April of 2017, this year’s tax return filing deadline, seems far off, it’s not too early to get started. You can easily cut down the number of hours you spend preparing your taxes by starting early and tackling your taxes in bite-sized chunks.
Here are the top tips to save time, money, and stress down the road!
Organize tax documents as they arrive.
You’ll need to prepare all of your documents before you sit down to file your return. A little organization from the get-go is all you need to avoid that situation. Your system can be as simple as a large envelope or an accordion file.
Review your documents early.
As tax documents show up, don’t just stuff the envelope into your new system. Take a moment to open up each document and review it. This way, you’ll be able to spot any discrepancies well before you start preparing your return, allowing yourself enough time to get it sorted.
Learn about the changes.
Every year sees new tax changes. Whether you need to correct your health insurance or fill in a new form, always familiarize yourself with tax law changes so that you know what is expected of you. On the IRS website, you’ll find forms, publications, tips, and answers.
Decide how you’ll file.
Give yourself plenty of time to weigh all the options and find the one that best suits your needs. If you think your tax return is too complicated to handle, hire a professional and make an appointment early. If you’re going to do taxes yourself, decide if you’re going to use tax software. If so, purchase it early on.
Review! Review! Review!
Don’t rush! We all make mistakes when we rush. Always double-check all the Social Security Numbers and math calculations on your return, as these are the common errors made by taxpayers.
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