Every year, the income tax deadline creeps up on us. This is the time to reflect on the previous years’ financial outcome, get organized, and scramble for misplaced documents. But don’t stress yourself out! Here are 3 simple tips to help you get through this tax season with confidence.
Figure out which documents you will need. Everyone has their own specific financial situation. For example, did you purchase a house last year? Get married? Start a new job? These life changes will all require documented proof, for your own benefit! It’s also important to become familiar with recent changes that have been made to tax laws that will have an impact on how you file. Click here to learn about some of these changes that could affect how you file for this most recent tax year, courtesy of TurboTax!
Do your research. Are you going to be completing your taxes on your own, or will you visit a local tax preparer? This is something you’ll want to shop around for. While self-filing online is a good option for many people, there is a chance that you will make a mistake and risk being audited. According to Forbes, it can be worth the extra cost to visit a certified tax preparer, who will work to ensure that your taxes are adequately and correctly submitted.
Be timely. It’s important to remember that taxes take time. Always keep in mind the last filing date (April 15, 2019) and plan accordingly! Waiting until the last minute only adds more stress to the tax process, and increases your risk of making a mistake. Experts suggest the optimal time to begin the process of filing your taxes is as soon as you get your W-2 form from your employer.