4 Handy Resources to Make Tax Season Simpler
For many people, tax season is stressful and confusing. The general lack of education about taxes and how to do them correctly makes the process even more complicated. Fortunately, there are a few resources you can use to prepare yourself for tax season and get through filing your taxes with ease. Whether you’re a small business owner, a contractor, or an employee, you can rely on a few of the resources we share below to smooth the way through tax season.
Extensions Are at Your Disposal
Even if you are the most organized, prepared person in the world, there is always potential for something to go wrong. Whether someone fails to send a necessary document to you, or your pet eats your W-2, it is never a bad idea to understand extensions. Extensions can be filed easily online and offer you an additional six months to get your documents in order and taxes filed with no penalties. You just need to file the extension on time to reap the benefits.
There Are Many Tax Software Options Out There
Most people are familiar with TurboTax, and it is one of the most popular options for free tax filing software. However, if you have something other than a W-2, TurboTax is not an option. While it is always smart to have a tax specialist handle your more complicated tax documents, there are other options for tax software in these cases. For example, some providers offer 1099 software for payroll documents and in addition to W-2 software.
A Tax Specialist is Hugely Beneficial
Even if you only handle a W-2 each year, a tax specialist can ensure that you are getting maximum deductions and returns. Given how little most people know about the tax system, it’s always helpful to have a specialist double-check to ensure you’re filing correctly.
If you have a more complex set of documents like business owners and contractors do, it is essential that you consult a tax specialist. It is far too easy to make a mistake with these more complicated filings, and the money spent on a specialist is absolutely worth your while.
Never Underestimate the Power of Organization
Your local office supply store may be your most valuable resource for tax season. Keeping all of the necessary documents organized and accessible is the best way to prepare yourself for an upcoming tax season. You need to be sure you know where to find all of your applicable receipts, payroll documents, W-2s, or whatever else you need to support your tax reporting before it’s too late. Nothing is worse than scrambling to dig out your documents a few days before taxes are due. Do yourself a favor and buy some home office organizational tools and get started on your tax documents now.
It’s true that nothing can make tax season painless, but there certainly are ways you can make things easier on yourself. Regardless of your filing status, you can always benefit from organization, software, specialists, and even extensions. Know your resources and don’t be afraid to use them when tax season rolls around.
Written By Dolly Santos
Image via PIxabay by stevepb