Last-Minute Tax Tips: Organizing Your Finances Before Filing

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Whether you’re an avid procrastinator or you just haven’t gotten around to doing your taxes yet this year, don’t worry — there’s plenty of time to file that return. Follow these easy last-minute tax tips to ensure that filing is easy and free of hassle.

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Determine your filing method.

If you’re looking for a free (or cheap) way to file, try using online software. Software such as H&R Block, Turbo Tax, and TaxACT are all easy to use, and many of them offer free federal returns if you made less than $57,000 last year. You can also use them to file your state return. The process is easy and depending on how many deductions you have, it can take anywhere from one to a few hours.

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Gather your documents and receipts.

Gather your statements and receipts to verify any purchases you’ve made throughout the year that you can write off. Those include relocation expenses, charitable donations, and any other deductible work-related expenses. Make it easier for next year by using account management service Manilla.com to manage your documents. You get free, unlimited online document storage, and Manilla automatically retrieves and organizes your documents for you.

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Plan for next year.

Just because you started your tax-planning process late this year doesn’t mean next year has to be that way. Vow to start thinking about taxes earlier in the year. Keep track of your important documents and receipts all year-round, and educate yourself on the deductions that apply to you. Also, if you plan on hiring a tax professional to do your taxes for you, make sure to book your appointment early in the season when more accounts are available.

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