Tax season is here and that can be scary for some people. Whether you’re a pro at filing your taxes or this is your first time, we have some tips to help the process run smoothly.
- Organization is key. Sometimes the biggest hassle is getting all the documents together. Whether paper clips, folders, or post-its work for you, keep all your documents together as they arrive and organize them by type (e.g.: income statements, tax forms, receipts for charitable donations).
- Decide if you need help. Filing your taxes can be difficult if you don’t know all the rules and regulations – additional help can never hurt! In addition to tax accountants, there are self-help resources such as TurboTax® that can help make sure you don’t miss a thing like tax deductions for childcare, major purchases and charitable contributions!
- Protect yourself from tax scammers. Tax identity theft happens often during tax season. Be sure to shred copies of all documents you no longer need, check your credit report at least once a year for discrepancies, and never give out personal information unless necessary.
- File electronically. Make it simple and safe! When you file electronically, it’s much more secure than filing through the mail. Also, you will receive your refund faster.
- File on time. It’s always important to be on time! If you find you need more time, then be sure to file an extension so you don’t receive a penalty.
These tips will help you save time and avoid penalties, which can keep more money in your pocket. Have other tips for filing your taxes? Share them below and remember don’t blow your refund check all in one place!