Are you ready for Tax Day? April 15 is right around the corner, and your taxes will be due before you know it. Here are three simple tips to help you prepare ahead of time!
Get organized. The first thing you should do to prepare for tax season is organize everything you will need. Locate all of the required tax documents, which includes W2s, 1099s, as well as financial and mortgage statements. Ensure that you have all other documents that you might need, such as business receipts or charitable donation receipts. After you get all of your tax information in order, you should take some time to review your documents. Start thinking about everything you need to do and know prior to Tax Day. You might also want to come up with any questions to ask your tax professional or the IRS when the time comes!
Determine your filing status. If you are single, this part is fairly easy. Just remember to claim head of household status if you have supported any dependents throughout 2019. If you are married, you do not necessarily need to file a joint return. This depends on the discrepancy between you and your partner’s earnings, and how many deductions you each have. Click here for a short survey from the IRS to help determine your filing status!
Consider last minute retirement contributions. Tax season is a great opportunity to check up on your retirement savings. You can still place money in your Individual Retirement Account (IRA) up until Tax Day – and it will count for 2019! This late contribution allows you to prepare for retirement and shield some of your income from taxes at the same time. Click here to learn more about the tax benefits of retirement plans, from eFile.
If you haven’t started contributing to your retirement – it’s not too late! Click here to learn more about the benefits of a SeaComm IRA, or stop by your nearest branch.