Financial Friday: Tax Tips to Save Time and Money

Tax season is here. That dreaded time of year where we have to dig up old receipts and fill out W-2 form after form is here yet again.

But have no fear, we have just the tips and tricks to save you time and money. You’ll have your taxes finished faster, so you can spend your time doing more enjoyable things.

Paperwork

Have all the necessary forms before you meet with your tax accountant. Just as you would go into a new job with all the necessary materials and completed paperwork, make sure you have all your W-2s, 1099s, real estate statements and more. It saves everyone time if you don’t have to go back and forth and wait on missing paperwork.

Plan ahead

This may be a moot point but something to keep in mind for next year: keep your records organized. Tax planning occurs throughout the year s don’t wait until January to figure this out. Start work with a CPA or on your own to develop a retirement plan in your 20s, and update it throughout your life. It’s good to have goals to work towards in life, especially when dealing with your savings and finances.

Get a break

Take the time to figure out which tax breaks can apply to you. Has your living or work situation changed? The number of people you support? Did you get married or have children? According to the IRS, one out of every five eligible workers fails to claim the Earned Income Tax Credit. Make sure you take advantage of the deductions that apply to you. The IRS provides a wealth of this type of information online.