Do it Yourself

3 Tips to help you prepare for tax season with confidence

I’m just going to come out and tell you that I get excited about financial management, literacy and tax season.

 

Sharing ways to better managing finances is important to me. When I became a better manager of our families money I brought a sense of freedom and empowerment.

Now that tax time is upon us I want to share a few ideas to help us this year and moving forward.

Stay on top of your earnings. 
I encourage you to look at your paycheck regularly to see if there are any work related deductions that can be eliminated or reduced. My husband and I recently realized it would be cheaper for us to drop our dental coverage and save the amount of the premium in an account and self pay for dental services.
Organize your tax documents monthly. 
Let me encourage you to stay consistent with tracking your tax documents. All of the paper work you’ll need when it’s time to file taxes should be in a central location. Last year I created a tax return drawer to stay organized. In it I can find prior years returns and any documents I need when filing my current years taxes.
Each year has it’s own binder and sections to hold specific paper work.
File your own taxes. 

This is not feasible for everyone, but it’s definitely worth looking into.
Getting organized last year gave me a sense of empowerment that led to researching the benefits of filing my own taxes.

 

 

I’ve used several at home tax preparation software that make filing my taxes straight froward.Because I’m self employed I use the “Home & Business” software may sites offer. It allows me to file my personal and business taxes seamlessly.

As I answer questions, I could see my refund amount go up or down based on my answers.

I love getting my taxes filed as soon as possible. It’s one less lingering thing I have to check off my first quarter to-do list.

When the taxes are done early, I’m able to get back to doing the things I love. I prefer to use my time watching my son play Rugby or giving him some much needed driving lessons.

 

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1 thought on “3 Tips to help you prepare for tax season with confidence

  1. I love the drawer. We have folders but binders and drawer that's taking it up to the next level. Taxes are done this year but will be investing in some binders for past years and 2016. Great tips!

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