Tax season can be stressful; however, using the right strategy can make the process smoother. Check out our 4 easy tips to help you get the most out of your return.
Tax tip #1: Stay Organized
First things first, make sure to organize your tax paperwork. Collect all of your receipts, financial statements, and any tax-related documents. As you file, make sure to keep them in a place that is safe and easily accessible.
Tax tip #2: Be alert of changes
Rules and programs change from year to year. If you want to ensure you’re following the correct procedure, it’s best to get the information straight from the source. Sign up for IRS newsletters to see details regarding current updates for tax season.
Tax tip #3: Maximize Your Deductions
Next, you’ll want to review your previous payment records for opportunities to make deductions. Commonly overlooked deductions include medical expenses, charitable donations, and education expenses. If you’re unsure about what deductions you qualify for, speak with a tax professional. They will also help you weigh the pros and cons of itemizing your return.
Tax tip #4: File Your Taxes on Time
Filing your taxes on time is essential to avoid penalties and interest charges. Plus, it can reduce the likelihood of an identity thief claiming your refund. Each year, the filing season for individual tax returns starts on January 29and you have until April 15 to submit your return.
Need more financial inspiration? Continue following the Achieva Life Blog for additional articles.
