Following These Tax Tips Will Make Your Process Much Easier Next Year 

Everybody can use a hand when it is time to file your taxes. Luckily, we have plenty of time ahead of us, as tax season for 2018 just finished, so we’re in time to start preparing for next year’s season. In order to make the process much easier and simpler, we can start planning ahead and preparing for it in advance. This way, we’ll make sure we have everything in order, and that we are taking advantage of every single tool and resource taxpayers have available.  

Tax-advantaged accounts are a great way to maximize our deductions, and different accounts like 401(K)s, IRAs, and HSAs give us the opportunity to make tax-deductible contributions. This way, we can both enjoy the time when we reach retirement age and have significant tax savings. Before opening one of these accounts, consult with your tax advisor and make sure you understand how each of them works.  

Keeping our paperwork clean and tidy can sound like a monumental task to complete when we have the clock running against us. Therefore, we should always keep this in mind and maintain an organized and accurate document cabinet. Having all your employer forms, contracts, loan interests’ statements, and receipts in one place will make the process of filing your taxes feel like a walk in the park. Just remember to be consistent and keep a record system throughout the year.  

Luckily for taxpayers, the IRS has developed different tools and resources that can be of great help when making important tax decisions. Choosing between the standard and the itemized deduction, our filing status, and whether one of our children or even someone else qualifies as a dependent or not can get confusing. These tools and resources are planned to assist taxpayers to compare and contrast different tax-filing scenarios and then decide which would be more convenient.  

Waiting for the last moment is one of the worst decisions we can make at the time of filing our taxes. Thus, we should always take the time to get our paperwork ready, double check each form, and submit our taxes in a timely manner. The best way to make sure we don’t wait until it is too late is by hiring a tax advisor that can help you stay up to date with your paperwork and other documents. This way, your next tax season will go by smoothly and without much trouble.  

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