It’s Almost Here, Are You Ready For Tax Season?
Tax season is upon us and it can be a really stressful time of the year. From gathering up all the information you need, to knowing what forms to fill out, and of course knowing what you can and can not deduct. The Tax code, or rule book, is constantly changing and that can put a lot of anxiety on your like it does me every year.
I wanted to see if there were any tips out there that we could all follow this year to make things go a little easier at filing time. I jumped across the street from the radio station here on 34th and talked to the gang at Community Tax. Here are some things that we can all do around tax time to relieve the stress:
This sounds like a no-brainer, but it is really the very first thing to get you started. Pull everything together that you know you will need and anything you think you might need. It is better to have too much stuff in front of you, then to be searching as you go for missing paperwork and receipts.
DOUBLE CHECK YOUR WORK
Take the extra time to check your work. Go back through your forms and make sure you have all your information correct. This can relive headaches later on and will help prevent the IRS from knocking on your door for answers and an audit.
HIRE PROFESSIONALS TO HANDLE IT ALL
Of course, you can hire tax pros like our friends at Community Tax. Businesses like theirs know the ins and outs of the tax code and in many cases find deductions that save you money or bolster your return. I choose this route every year and it is always works much better in my favor.
This seems like another no-brainer, but fudging your tax return is a big no-no. It might seem tempting to bump up some deductions to get a larger return, but you know what they say about karma. Make sure you stay honest on your returns and most likely you will never hear a peep from the IRS.
LAST MINUTE RETIREMENT CONTRIBUTIONS
This isn't so much a tip to make things go smoother, as it is something you can do right now to help your bottom line as your are starting your returns. You can contribute to your retirement fund up until the filing deadline in April. A little more contribution to your account could mean a bigger savings and return on our taxes. Pretty cool
PREPARE FOR YOUR 2020 RETURN NOW
If you are finding yourself less than prepared to work on your 2019 returns, then get ahead of 2020 right now. Start getting organized, looking at what you plan to contribute to charity this year, and keep documentation. That way when next winter rolls around, you will be ready!
I want to say THANKS to the folks at Community Tax for their help. They are at the corner of 34th and Bell (3400 Bell Street, Suite 100.) Not only can they help you with your taxes this year, they can help with financial investments, 401k, home, life and auto insurance. They also provide Medicare advice and stay open all year round. In fact, they are having a open house again on Saturday, January 25th, from 9am-6pm. There will be drinks, snacks, and folks to help you with tax questions in person.