Preparing To File Your Taxes

Tax season is in full swing, so we hope you’re prepared and ready to file. If not, don’t worry, you still have time to prepare, even though the Individual Income Tax Return Deadline is quickly approaching on April 18th. Don’t worry, simply keep calm and follow our planning tips.

Tax Filing Prep

First, plan a time to file. We know sometimes filing taxes can be a pain, but it isn’t that bad, and it has to be done. Mark a day on your calendar and even pick a time during the day to dedicate as your tax time.

Your plan can be flexible for family events that come up and things that you don’t want to miss, but don’t procrastinate by watching TV or trying to reach a new high level on a cellphone game. Stick to your planned tax time!

Call your CPA or tax preparer, see how they’re doing. They are people just like us and will appreciate a little small talk. Then get straight to business. Ask them what documents you should have, about any important updates you should know about, about deadlines, and more. They will guide you through everything you need to know.

Gather the important information you need to file. You’ll need your full name, address, and social security number. You may need your W-2 depending on which return you’re filing. If you drove your vehicle for work then you’ll need the number of miles you traveled, etc.

Know your deductions! Many people quickly file their returns and miss out on major savings just by not knowing their deductions. For example, if you have a home office that meets the IRS standards you can write it off as a deduction, and you can deduct your student loan interest. Also, you can deduct your kids as long as they qualify and you can even deduct some of their college expenses.

Be aware of your changes that occurred during the previous year. Did you get married or divorced? Did your student loan interest increase? Did you get a pay raise? Did one of your kids turn too old to be claimed as a dependent?

Also, make sure that you’re up to date with the current tax laws. The IRS can change things like failure to file penalties, move deadlines, and more. So, if you don’t know about the changing laws you could find yourself in a pickle. For example, the business income tax deadline was moved from April 15th to March 15th. Moving the deadline up a month was one major change!