![]() The amount they can help you save with deductions and credits often outweighs the cost of using their services. Don’t hesitate to get help from a tax specialist. If you are trying to prepare your taxes on your own, it is likely you are missing out on possible deductions that could save you money. Contact a Tax SpecialistĪccording to a study by NerdWallet, nearly half of Americans don’t even know what tax bracket they’re in. Several types of funds are exempt from taxation in the U.S., including growth and earnings in a Roth IRA, flexible spending accounts or income from 529 education plans. Also, be aware of what money is taxable and what is not. ![]() The IRS provides a withholding calculator to help you determine how many exemptions you should claim. ![]() Make sure you’re claiming all eligible allowances on your W-4. In order to accomplish this, you may need to adjust your exemptions and withholdings. Ideally, you should not owe any money to the IRS when Tax Day comes. Having the necessary papers is important if you are audited or there are any questions regarding your taxes later on. After you are done, put all of the documentation back into the folder and keep it for at least three years. When it’s time to sit down and do your taxes, all you have to do is grab your folder and you will already have everything you need. This includes papers like the previous year’s tax return, W- forms, property and real estate documentation, proof of donations, and receipts for deductible expenses (medical, education, business, etc.). As you receive any tax documents or receipts, put them there right away. Create a designated place in your house to put any tax related documents as they come in, such as a folder labeled with the year on it. Staying organized is the best thing you can do to make the process of filing your taxes easier. These tips and tricks will help ensure filing your taxes goes smoothly this year: Get Organized Filing your taxes doesn’t have to be a hassle. While many people dread this time of year, you don’t have to. Search Tips for Successfully Filing Your Taxes
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