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Tax Season Tips

It’s that time of year again – tax season! While filing your taxes certainly isn’t something most people look forward to, it’s a necessary task. Some people end up owing most years, and others receive an influx of cash in the form of a tax return. Regardless of your income level, it’s important to make sure you have everything you need before you start filing, and it’s also important to not let the process get you down. 

No matter your tax bracket or how you choose to file, here are a few tips to help you through filing your taxes this year:

• How are you filing your taxes this year?

  This question has everything to do with your marital status and whether you have dependents, and it’s the basis for everything that comes later. Your standard deduction will depend on whether you’re filing as single, married filing jointly, or married filing separately, or otherwise – and this status can determine what credits you might qualify for, and how much you’ll end up owing the federal government.

• Keep everything organized.

  When filing your taxes, you may have a number of documents you’ll need to keep on hand. These can include W2s, 1099 forms, mortgage statements, other investment statements, and any other proof of income in varying forms. Keeping everything organized will help ensure that you can get your taxes filed without too many interruptions or hassles, and can definitely ensure you aren’t missing anything.

• Should you file on your own or hire a tax specialist?

  This question depends on not only your comfort level when it comes to handling your taxes, but also how long it might take you to handle it on your own. If you have a number of investments, sources of income, or deductions, you might find it easier to let a professional take the reins.

• Don’t forget about deadlines!

  Most people know that the deadline for Americans to file taxes is April 15, but the last two years saw extended deadlines due to the coronavirus pandemic.
  However, it’s still easy to forget, so setting reminders in your calendar to ensure your taxes are filed before they’re due can help you with peace of mind.