Almost everyone experiences some level of stress when it comes to tax prep. The good news is that there are a number of tax strategies you can use to take the stress out. Here are nine worth considering:
1. Gather your records early. This will help ensure that you have everything you need when it comes time to file your return.
2. Determine how you’ll complete your return. There are a number of different ways to do this, so find the one that works best for you.
3. Look to government resources for help. The IRS and other government agencies offer a wealth of information to help taxpayers file their returns accurately and on time.
4. Estimate your taxes. This can help you budget for any tax owed and avoid any surprises come tax day.
5. Make last-minute tax-deductible purchases. If you’re close to the edge on a deduction, consider making a few last-minute purchases that can be deducted on your return.
6. Contribute as much as you can to your tax-advantaged retirement fund. This will lower your taxable income and help you save for retirement at the same time.
7. Donate cash or items. Giving to charity is always a good thing, and it can also help lower your taxes.
8. File as early as possible if you expect a refund. The sooner you file, the sooner you’ll get your refund.
9. E-File your return. This is the easiest and most efficient way to file your taxes, and it can help you avoid errors and penalties.
Tax day can be stressful, but it doesn’t have to be. These nine tax strategies can help you take the stress out of tax season and make sure you get the most from your refund. If you want more personalized advice or need assistance filing your taxes this year, call Pinpointe Accounting Services at (520) 795-7505 for a free consultation. We can help you maximize your refund and ensure that everything is done correctly so you don’t have to worry about it next April. Visit www.PinpointeAccounting.com