3 Tips To Make This And Future Tax Seasons Easier

February 4, 2019 Stu Q

Every year in America, you are required to file your tax returns with the IRS. Whether you are new to it or a regular, you will know it may not be as easy as it seems. With the tax code constantly changing every year, you have to adapt to these changes. Most of us will likely pay someone to do our taxes, but others (like myself) will do it ourselves. Regardless of where you fall, let’s take a look at some simple tips to make your tax person happier or make your life a little easier.

1) Make Sure You Have ALL Of Your Income Tax Forms

Yes, this may seem like a simple and obvious thing, but it is missed. The easiest way to think about what you might need for taxes is under two criteria. Number one, did you make money through a job or other manner through the year. If so, what documentation do you have to support it (i.e. W-2, 1099, etc.) If you have not received your forms yet, it doesn’t hurt to call or email for the status of this. If you go to a tax professional and tell them you make money, but don’t have support, they are going to have a hard time helping you. It is pretty straightforward from that standpoint.

2) Do Research If You Have Questions

You do not need to be a tax professional to get answers to questions about taxes. Luckily, we live in a magical time when we can simply speak a question and Alexa or Google will answer us. The same is true if you type it in the search. I am not saying you can always trust what you read, but it at least gives you some bearing before talking to a professional. If you DO prepare them yourself, the IRS has a website with a wealth of knowledge to use for questions. This is going to be one of the only sites I WOULD actually trust. Basically, don’t remain ignorant when we have the life of immediate access to all of the knowledge.

3) Be Prepared To Pay Money

Yes, it sucks when we owe taxes. This is why it would be best to be prepared with some savings every year in the event you have to pay some money. It is always good when you get the chance to get some money back, however, this is not something you should count on. If for whatever reason you do have to pay some money, the IRS does allow you to set up a payment plan. However, you have to be proactive on this. You shouldn’t just pay what you can whenever. You will need to work with them to get it set up either over the phone or on the internet. To err on the side of caution with this is going to be a safer bet than assuming you are going to get money back.

Taxes don’t have to be stressful. For most, they are a pain because they don’t understand how it works and they feel like it is the government wanting more of their money. Although this might be true to some extent, a lot of it stems from ignorance. Educate yourself, and this process will be much easier.