Skip to main content

How To Tackle Your Taxes



Whether you're a single person with a day job or a married professional with a small business, knowing how to handle your tax paperwork can be a daunting task. It's important to ensure you're following the rules as well as not paying more than you need to.

Get Help
A tax professional can take some of the burden off your shoulders. Look for accounting firms specializing in tax return preparation. In addition to handling the paperwork and filing, these agencies may also provide advice and help with tax planning. Freelancers and small business owners can benefit tremendously from these tips. For instance, freelancers are considered both employers and employees by the IRS. A new 2018 law allows for a significant deduction with the right type of business filing, something a tax professional can take care of for you.
Choose the Right Professional
Tax preparers can hold a variety of credentials. Attorneys, certified public accountants or enrolled agents may prepare taxes and are all credentialed through different licensing boards. The IRS website offers these tips for taxpayers looking to verify tax professionals they are considering. Beware of ghost preparers – not the spooky kind of ghosts, the fly-by-night kind that will fail to properly file your return or steal your refund. Paid preparers have a PTIN and are required to include this information on your return. If your preparer doesn't include this consider it a red flag for fraud.
Pull Your Paperwork Together
Once you've chosen a tax advisor you'll want to pull together W-2s, 1099s and other tax forms. Your tax professional will know what you need to provide as long as you're giving them the correct information about your tax situation. Gather documentation regarding all your income sources as well as possible deductions like mortgage interest and charitable donations. Your preparer will know if itemizing is right for you and request information accordingly.
Plan Your Next Move
Take the time to do a little tax planning. Making retirement contributions with a goal in place will give you peace of mind and make it easier to set that money aside. When you know the tax advantages associated with strategic saving you'll be more likely to see your financial goals as attainable. If you freelance or own a business make sure you're keeping a record of expenses and income. Waiting for clients to send 1099s at the end of the year can be stressful and you should always rely on your own records first.

For many people, taxes are a scary prospect. With the right help, they don't have to be.

Comments

Popular posts from this blog

Prilosec OTC $25 Rebate plus a $100 AMEX Giveaway

Hey Neighbors! Do you suffer from heartburn? I do sometimes. I personally can not eat really spicy foods. Problem? I LOVE MEXICAN! So does my whole family. My husband enjoys really spicy foods and sometimes suffers from it. Solution? Have you heard about Prilosec OTC? If not perhaps you would like to try it. Prilosec OTC has a special offer going on right now through February 15th. Buy 2 Prilosec OTC and get $25 back. Now, I personally have not tried Prilosec OTC yet. But according to the site: "How and Why Prilosec OTC® Works Prilosec OTC Blocks Heartburn When you eat, millions of tiny pumps in your stomach lining create acid to break down food. Normally your lower esophageal sphincter (LES) works as a door, opening and closing to let food pass from your esophagus HEARTBURN GLOSSARY Esophagus: Tube connecting the mouth to the stomach; a passageway for food; part of the digestive

What To Do About Those Fuzzy Uninvited Guests In The Home

When we talk about pests in the home, the most common that we tend to deal with are the creepy-crawlies that find their way in. Ants, termites, and spiders, for instance. Occasionally though, you have a real chance of getting a much bigger, fuzzier unwanted guest in the home. What do you do about the fact your home is at risk of becoming a wildlife sanctuary for some truly unhealthy and even dangerous beasts? Picture by Alexas_Fotos Know the signs It doesn’t matter if you’re in a suburban home, a country cottage, or a fourth-floor apartment. Some animals can find their way just about anywhere. It’s worth knowing the signs of pest infestation so you can confirm it and act on it immediately. Spotting droppings, keeping an ear out for scratching, and looking for signs of nesting like shredded paper, scrunched leaves, and grass clippings around the home without explanation can help you start fighting back. Picture by wolfgang_vodt Cleanliness is key If there’s
 Hey neighbors, its with a heavy heart I let you all know that my mom (Lori) unexpectedly passed away the end of June. Our family has been taking the time between now and then to be together and remember what a light mom was. I came on towards the end of last year and was planning on fully moving my interviews and review to this website. I intend to to so partially to keep mommas beautiful website going. Thank you all so much for your love and support over the years. ~Mercy