Ultimate Tax Season Prep Guide
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Tax day is on April 15 – a day many working Americans dread each year. And while it's probably never going to be your favorite topic to think about, it doesn't have to be quite as overwhelming as it is for many. Staying organized throughout the year, preparing well, and understanding how to file your taxes can help make tax season a breeze.
Stay Organized
If you're reading this on April 14, it may be too late, but you can always keep it in mind for next year's tax season. Stay organized. Keep all of your tax documents in a filing cabinet or other secure location as you receive them throughout the year. This may include copies of old tax returns, W-2s, paystubs, receipts, and other major financial documents for everything from buying a new house to making a contribution to your retirement account.
Decide How to File Your Taxes
Before you get started, decide how to file your taxes in a way that makes sense for you. If your tax situation is uncomplicated, you can do it yourself. Many experts recommend doing it online to eliminate a hectic trip to the post office and ensure you file before the midnight deadline on tax day. Online submission can even help you avoid major errors. If your situation is complicated, you may need to hire a tax professional to help with your tax return.
Get Started Early
If possible, don't wait until April 15 to file your tax return. Get started as soon as you receive your W-2 and other the other tax documents you need from third parties. This way, if something goes wrong, you have time to fix it.
Learn How to File an Extension
If you do wait until the last minute on tax day or don't have time to fix any complications that arise, you need to know how to file an extension. While knowing how to file an extension won't excuse you from paying your taxes or protect you from late penalties, it will give you six extra months to file your tax return.
Know Your Deductions
Always make sure you know which deductions are available to you, whether it's moving expenses or student loan interest. Most tax software programs provide you with an updated list, and if you're still not sure, ask a tax professional for help. Having the correct deductions may mean the difference between having to pay or receiving a refund.
Double Check Everything
Whether you submit your return online or you fill out your own printed forms, always double check everything. A wrong Social Security number or a misspelled name can be a huge headache and delay your refund.
Not getting a refund? Don't let tax season get you down this year. Make up for it with an installment loan from CreditBox. The application process is quick, simple, and secure. Apply now to get funded in as little as 24 hours!
Stay Organized
If you're reading this on April 14, it may be too late, but you can always keep it in mind for next year's tax season. Stay organized. Keep all of your tax documents in a filing cabinet or other secure location as you receive them throughout the year. This may include copies of old tax returns, W-2s, paystubs, receipts, and other major financial documents for everything from buying a new house to making a contribution to your retirement account.
Decide How to File Your Taxes
Before you get started, decide how to file your taxes in a way that makes sense for you. If your tax situation is uncomplicated, you can do it yourself. Many experts recommend doing it online to eliminate a hectic trip to the post office and ensure you file before the midnight deadline on tax day. Online submission can even help you avoid major errors. If your situation is complicated, you may need to hire a tax professional to help with your tax return.
Get Started Early
If possible, don't wait until April 15 to file your tax return. Get started as soon as you receive your W-2 and other the other tax documents you need from third parties. This way, if something goes wrong, you have time to fix it.
Learn How to File an Extension
If you do wait until the last minute on tax day or don't have time to fix any complications that arise, you need to know how to file an extension. While knowing how to file an extension won't excuse you from paying your taxes or protect you from late penalties, it will give you six extra months to file your tax return.
Know Your Deductions
Always make sure you know which deductions are available to you, whether it's moving expenses or student loan interest. Most tax software programs provide you with an updated list, and if you're still not sure, ask a tax professional for help. Having the correct deductions may mean the difference between having to pay or receiving a refund.
Double Check Everything
Whether you submit your return online or you fill out your own printed forms, always double check everything. A wrong Social Security number or a misspelled name can be a huge headache and delay your refund.
Not getting a refund? Don't let tax season get you down this year. Make up for it with an installment loan from CreditBox. The application process is quick, simple, and secure. Apply now to get funded in as little as 24 hours!
