Tax season. For many Americans, those two little words can bring up feelings of anxiety, stress and dread, but it doesn’t have to be that way. Follow these simple tips to make sure that your tax forms are correct and hopefully put a few more bucks back into your pocket. Watch the video >>
1. File as early as possible.
If you owe money this year, waiting until the April 15 deadline to file gives you little to no time to save up to make the payment. If you’re getting a refund, keep in mind that the sooner you file, the sooner that money goes right into your bank account.
2. Determine your deductions.
Figure out ahead of time which deductions you can take. This will allow you to itemize throughout the year and likely take more deductions and write-offs when it comes time to file your taxes.
3. Organize your documents.
Make sure you have the documents and receipts you need to claim the write-offs you deserve by creating a secure organizational system that works for you. Or, try a digital service like Manilla, which automatically imports, organizes and stores your important documents. Manilla allow lets you share your bills and documents with anyone, such as your accountant, spouse or partner, roommate, parent, child, or anyone else.
4. Figure out your filing method.
If you own your own business, had a major life change, like a marriage or divorce, or made a major purchase, such as a home, then it might make sense for you to hire a tax professional. Otheriwse, do some research on online tax software. We like TurboTax and H&R Block at Home for their user-friendly interfaces.
For more tips on how to survive tax season, check out The Manilla Folder’s tax guide.
More from Manilla.com: