Tax season is here and the pressure is on to complete the process without any pains or mishaps. At least it is for me. The rules of the game changed since becoming an adult and we can no longer hide under the dependent status of our parents. Thankfully, I went into the trenches early and learned a few things from a tax professional that will help us in this new and scary endeavor.
Gather Forms | When it comes to doing your taxes, there are quite a few forms that you need before you begin the process. You need your W-2 from your employer, a 1098-T (if you are in school), donation receipts...the list goes on and on. It's best to check with your tax person first so be sure that you have everything you need. You can even begin collecting these forms at the beginning of the year in one central location, that way you will be set and ready next year.
Make your Appointment Early | You never want to wait until the last minute to make an appointment to do your taxes just in case something goes wrong or you are missing documents. It gives you time to get everything together. Plus, once the deadline gets closer everyone will be trying to get theirs done too and your process will feel a little more rushed. If you decide to do your own taxes, just be sure to do them before the deadline. PS. Some preparation companies (like H & R Block) are filing your taxes for free if you come in early.
Getter Done | There are so many programs that walks you through doing your own taxes as well as businesses that will do them for you. It is really up to you and your tax needs, from there you can decide on what works for you.
Know your Deductions/Penalties | It is best to come knowing the things that you are able to claim so that nothing is missed and no surprises. Some common information that you should know:
- Not having health insurance for the entire 12 months of the tax year will result in a penalty
- If you make less than$14,000 and under a certain age, you are entitled to a tax break
- Bring your W-2, Driver's License, and Proof of Insurance to complete your taxes
Due Date | Last, but not least, know the deadline to file taxes and be sure to file! If not, then the federal government will come looking for you and that's not someone that you want looking for you! April 18th 2017 is the Day!!!
Have you filed your taxes yet? Were there any surprises that came up? Let me know in the comments below or on Twitter at @anajanetheblog! I would love to learn more to make this process easier for years to come.
Please Note: I am not a tax professional nor am I acting as one. The information provided in this blog post is based on experience and knowledge acquired from knowledgable persons. For more information on the topic, please speak with a professional. Damage done while using the above stated advise is no fault of Ana Jane the Blog.