3 Ways to Prepare for Next Tax Season

Tomorrow tax season is finally coming to a close. Believe it or not, it’s never too early to start thinking about next year. If filing your taxes was a headache and a hassle this year, here are a few tips to get you prepared for 2019.

Get organized: Did you waste a bunch of time looking for receipts this year? Create a system, whether it’s a file cabinet or a shoebox, and keep track of those receipts and other financial documents you may need at the end of the year. Keep a tally of your charitable and retirement contributions and you’ll be ready to go as soon as you get that W-2 in the mail.

Keep track of changes: What’s happened to you this year, and what will be happening in the next few months? Are you getting married? Having a baby? Buying a house? Opening up a Roth IRA? All of these things will affect your filing status, so make sure you’re up to speed on how any of things will affect your filing process.

Be patient: Do you have a side business or do freelance work? If so, any number of hiccups can occur during tax preparation. Be prepared – but know it’s not a huge deal if you have to file an extension. If you find yourself in this boat, head on over to IRS.gov and get an extension form.

With a little preparation, you can make the tax season process a lot easier.

Article Source: John Pettit for CUInsight.com