It’s getting closer and closer to tax season, and you know what that means. If you’re like most taxpayers, you dread the painful process of doing your taxes. Yet, each year, you have to go through the unpleasant experience of crunching numbers and filing with the IRS.
The good news is that it doesn’t have to be this way. In this guide, we’re going to show you how to make doing your taxes pain-free. No longer do you have to dread tax season. Instead, you can look forward to finishing your taxes sooner.
Hire a Tax Relief Firm
If you have tax debt, it’s easy to feel overwhelmed and powerless. Depending on how much you owe in taxes, you could face having your wages garnished, a lien put on your property, and your assets seized. Fortunately, you have a tax relief advocate that will fight for you.
When you secure the services of Coast One Tax Group, you can rest easy knowing that you have a knowledgeable and experienced team of tax specialists who work hard for your financial freedom. Coast One Tax Group specializes in negotiating with the IRS on their clients’ behalf to ensure the best outcome possible.
Start Early, Organize Early
One of the best things you can do to prepare for tax season is organize your financial documents early in the year. In doing so, you will be well prepared for tax season when it rolls around. It will be here sooner than you think, which is why it pays to get an early start on things.
The best way to go about this is to keep your tax documents in a single location. This should include things like:
- Charitable donation receipts
- Bank interest statements
- Tax records
One of the biggest challenges taxpayers face each year is rounding up all relevant tax documents. You can effectively curtail this issue by practicing good record keeping throughout the year. You will be glad that you did come tax time.
Keep a Copy of Your Last Tax Return
To correctly complete this year’s tax return, you will need your information from the previous year’s tax return. To make this easy, get in the habit of printing out a copy of each year’s return. When you have this information readily available, you will find doing your taxes to be much easier.
This tip ties in with staying organized. It’s a good idea to maintain a file that contains all relevant tax documents. So when it comes time to do your taxes, you will have everything you need to ensure a smooth process.
Can’t find last year’s tax return? No problem. The IRS has this information so that you can request a tax transcript from them. You can do this online through the IRS’s portal.
Consider All Tax Deductions and Credits
It is essential to consider all possible deductions and credits before tax season arrives. Your goal should be to maximize your return while minimizing your debt. You can do this by answering the following questions:
- If you are self-employed, did you withhold enough money to put toward your taxes?
- Have you put in all you can toward your retirement account (401k, IRA, etc.)?
- Do you have health savings account that you can add to?
- Can you make more charitable donations before tax time?
- Do you have any other education expenses?
- Did you pay interest toward student loans?
You can make doing your taxes less of a burden when you answer these kinds of questions. It’s essential to consider your taxes throughout the year rather than attempt to address them at the last minute. Active progressive planning will go a long way in providing a pain-free tax season.
Don’t Hesitate to Hire a Professional Tax Service
Tax preparation isn’t for everyone. However, if you find that you typically struggle to complete your taxes, there’s no shame in hiring a professional tax service to do your taxes for you. This is probably the single best way to eliminate stress and worry come tax time.
If you decide to hire a service, you should still follow the tips above to ensure that you have everything you need to give your tax preparation specialist.