How to Prepare for Tax Season Ahead of Time

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Information about How to Prepare for Tax Season Ahead of Time
Finance

Published on February 22, 2014

Author: RichardThompson.lgx

Source: slideshare.net

Description

Tax season is right around the corner. Before you start sobbing and crawl under your desk like a frightened puppy, take a second to read about how you can prepare yourself for the tax season gauntlet.

How to Prepare for Tax Season Ahead of Time Tax season is right around the corner. Before you start sobbing and crawl under your desk like a frightened puppy, take a second to read about how you can prepare yourself for the tax season gauntlet. There are some simple ways to prepare for this dreaded time of year. Take these steps now, not later, to ensure that when April 15th rolls around, you won’t need to go out and find a tax attorney to handle your case. Get Yourself Organized Filing your taxes requires a lot of documents that, if gathered beforehand, can save you time and prevent stress. Even if your filing status is simple, gather up you documents before so that you can be ready to fill-in the boxes when you are asked. Once you have all of your documents, you can file as early as possible. Not only will this guarantee that you get your refund quickly, it will also guarantee that you have a happy April 15th instead of a stressful, nightmarish one. Start compiling everything as soon as you possibly can. Don’t forget to gather up all of the receipts that you will need to file. Hopefully you have been setting them aside all year long! If not, there is always next year to do better. Find out What Deductions you Can Use There are several ways to add deductions on to your taxes. If you pay a mortgage, you can actually claim the interest that you pay on your mortgage as a tax deduction. If a portion of your mortgage payment includes an escrow then it can also be tax deductible. Did you make any donations last year to your church or another organization? Hunt down every possible deduction to reduce the amount you may owe. This is where having a CPA or tax filing company can come in handy. Contact a Tax Expert Sometimes it is just easier to let an expert take control of the situation. This can save you a huge headache. There are several companies out there that specialize in filing taxes. They can also help you find all of the deductions which you may be missing. If you are too prideful to go to one of these companies, remember that there are fantastic programs for filing your taxes on the computer. They usually charge a small fee that is taken out of you return, but they are worth it. If you are still too head-strong for that option, then look online for tax help. There are several websites that offer guidance and tips. Get Started Now This cannot be stressed enough. Start getting ready now so that you will not be scrambling three days before. Gathering everything and filling out the forms takes time, so get started early. Learn

from the past and finish your taxes early. You will be enjoying your refund while all of the suckers are freaked out about filing their taxes. Hopefully these simple tips helped. Set yourself up for success by getting organized, gathering deductions and speaking with experts! Photo Credit: Alan Cleaver, SalFalko

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