How to Prepare for Tax Season This Fall
With the fall season well underway, many people are usually recovering from the expense of back-to-school shopping only to be re-introduced to a medley of festive holidays to follow. After everyone has recovered from that, in comes the W2s and now tax season has officially started! In short, tax season is not that far away.
So to better prepare yourself for that sometime rewarding, yet exasperating season, the best thing to do is be proactive by preparing for it as early as possible this fall season.
Here are a few ways you can make the upcoming tax season easier for you:
Start Collecting Information that Might Take Weeks to Get
When it’s time to file your annual taxes, one of the most annoying things is not having the proper documents to file. At the bare minimum, tax filings will require a social security number and birth certificate. As it is likely that you already know your own, if you have a spouse or dependents that you are including in your filing, the Internal Revenue Service (IRS) will want to know theirs as well. Even if you have an excellent memory, it is still very important to have these documents on hand to support what your are entering in your filing. If you do not have these documents, it is recommended to go to the county city building and/or the social security office to request a duplicate copy.
Create a Folder For Tax Related Documents
It doesn’t matter if you consider yourself a free spirit or an organized individual. When it comes to paying taxes, there must be some level of responsibility taken. At the very minimum, it is recommended to create a folder dedicated for taxes only. This way, once you begin receiving documents in the mail marked “tax-related documents” or the like, just slip them into your new tax folder. It is not always necessary to know exactly what it is for. If any document you receive recommends you to save it for your taxes, do just that! When it’s time to file, all you have to do is give that folder to your tax preparer and rest easy!
Should you choose not to do this, when the tax season comes, you will find yourself scrambling to collect documents that might take longer to acquire, delaying the filing process and ultimately, if applicable, your refund.
Start Saving Your Receipts
When fall approaches, so does the holiday season. There’s no doubt that one may find him or herself spending more money than usually around this time of the year. So why not save all of those receipts and try to write them off as itemized deductions? Granted, everyone is already allowed a standard deduction amount depending on their filing status, (single, married, head of household), but if your itemized deduction exceeds the standard, it certainly is worth saving every bit of paperwork to help do that!
Any Medical Expenses?
Another way to prepare for the tax season is to begin organizing any medical and dental work that you or any of your dependents might have incurred in that tax year. This can also be counted as an itemized deduction and can make all the difference in whether you receive a refund or owe the IRS. These documents should also be stored in your new tax folder as well.
We Can Help You Prepare!
There are many other ways that you can prepare yourself for the upcoming tax season this fall. Contact Success Tax Relief at 1-877-825-1179 or online if you’re looking for ways to do all you can to make your next tax filing go as smooth as possible!