Friday, February 2, 2024

Author: Sarah Marshall, Digital Marketing Specialist

The deadline for filing taxes is fast approaching – Monday, April 15, is less than three months away!

We understand that getting ready for tax season can be a daunting task. But fortunately, with the right tools and information at your fingertips, it doesn't have to be.

If you’re feeling slightly less-than-prepared, we've put together a list of valuable preparation tips.

By following these tax preparation suggestions, you'll be well on your way to making the process of filing your taxes as smooth as possible.

  • Gather all necessary documents
    Make sure you have all the necessary documents in one place, including your W-2s, 1099s, and any other tax-related documents to help you avoid scrambling for paperwork at the last minute.
  • Keep track of deductions
    If you have made any charitable donations or have business-related expenses, make sure to keep track of them throughout the year. This will help you maximize your deductions and potentially lower your tax liability.
  • Maximize tax credits and deductions
    In addition to tracking your deductions, you should also take advantage of tax credits that you may be eligible for. Tax credits can significantly reduce your tax liability and increase your refund. Make sure to research and claim all the tax credits you qualify for.
  • Review your withholding
    Review your withholding to ensure that you are not overpaying or underpaying your taxes. If you have had any major life changes, such as a new job or a change in marital status, it may be necessary to adjust your withholding.
  • Consider contributing to retirement accounts
    Contributing to a retirement account, such as an IRA, can help lower your taxable income and potentially reduce your tax liability. Make sure to consult with a financial advisor to determine the best retirement plan for your needs.
  • File on time
    Make sure to file your taxes on time to avoid penalties and interest charges. If you are unable to file by the deadline, consider filing for an extension to avoid penalties.
  • Avoid common tax mistakes
    Filing your taxes can be overwhelming, and it's easy to make mistakes that can cost you money. Before submitting your tax return, double-check all the information and calculations to ensure accuracy.
  • Consider hiring a tax professional
    If you have a complex tax situation or are unsure about how to file your taxes, consider hiring a tax professional. A tax professional can help you navigate the tax code and identify opportunities to save money, and can represent you in case of an audit.

The key to a stress-free tax season is preparation. By following these tips and staying organized, you can tackle your taxes with confidence and ease. Remember to consult with a tax professional if you have any questions or concerns about your taxes.

We remain committed to financial stability and security. Please visit our Privacy & Security Center to learn more about protecting your personal information.