How Can I Make Next Year’s Tax Return Easier
There may be a few people out there who actually enjoy filing taxes every year, but let’s be honest — they’re few and far between. Federal and state taxes are a nuisance for some and a nightmare for others. Nonetheless, there are things you can do over the course of the year to make filing taxes easier come April. Read on for some tips on how to simplify your tax return process!
Save Relevant Documentation
Filing taxes is a million times easier when you have all of the relevant documentation you need in one place. Have a designated file or drawer where you keep all papers, receipts, and documents that you might need when it comes time to file next year’s taxes. This includes any W-2s and other forms that might be mailed to you over the course of the year. It also includes receipts from charitable donations you made or invoices from a cross-country move to start a new job. Some of these documents are likely sent via email, so it makes sense to have a folder in your inbox labeled “taxes” as well.
Look for Tax Rebates
If you make any large scale purchases over the course of the year, keep an eye out for tax rebates. There are a number of government programs that provide tax rebates for things like installing solar panels on your home or buying an energy efficient car. Do your research before you buy and then make sure to save all documentation of your purchase in your tax folder.
Don’t Wait Until the Last Minute
Nothing is worse than the stress of trying to file your taxes on April 15th and realizing that you’re missing some key information. Plan an afternoon to get started on your taxes now, and put it in your calendar. Give yourself a few hours sometime in March, and another hour or so the first week of April in case you don’t finish or are missing information on your first attempt. If it’s already in your calendar you’re much less likely to put it off.
Hire a Tax Professional
Filing taxes has definitely become more complicated over the years. Want a guarantee that your taxes are done on time, correctly, and with no hassle on your end? Hire a tax professional to complete and file your return for you. Hiring a qualified tax specialist will give you peace of mind that your taxes are filed correctly. Additionally, tax specialists can often help you get better results you might on your own, thus offsetting their fee. Best of all, you can leave the complicated forms to an expert without having to stress over whether or not you’ve filed correctly.
Choosing a Qualified Tax Return Specialist
There are plenty of unqualified tax return specialists out there who are more trouble than they’re worth. If you decide to have a professional look after your annual return, make sure you choose an experienced and reliable one. In the market for a tax return specialist? Ask around with friends and family in your area to find out who they use for their taxes and if they would recommend this professional. You can also search for reviews online to find a specialist in your area with high rates of customer satisfaction. Taking the time to find a respected tax return specialist means you’ll be able to get your best return possible — and still enjoy those first weeks of spring!