0
tip tuesday

8 Tips on Taxes

March 28, 2017

I hate tax time. I don’t usually have anything to look forward to as far as getting money back because of being self-employed. So, I do all the work, usually, just to pay them. Doesn’t sound fun, am I right? Anyways, yes, we all hate tax time due to the paperwork but it’s truly not as hard as it seems. Here are a few tips to beating those taxes.

 

  1. How Do I Know Who to Trust? – If you’re getting your taxes completed by somebody else, don’t just walk into any tax office you see and trust them with your information. I can’t tell you how many people have to file an amended tax return every year due to incompetent companies. It’s worth the time to research a trusted place/company specifically for your type of taxes. If you are self-employed like me, going to Walmart for your taxes is most likely a bad idea. Research or ask around for somebody who is knowledgeable in that area. Googling makes things easy these days as well.
  2. Can I Do Them Myself? – If your taxes aren’t overly complicated (i.e. you’ve lived in 6 different states during the year) then I say get to it! No need to waste the money on having someone else do it if you can do it yourself. There are multiple free tax programs online and they make filing your own taxes fool proof. They ask the question and you answer, it’s pretty cut and dry.
  3. How Do I Know What I Can Write Off? – What you can write off depends on your job, etc. I’m self-employed so I can write off the miles I drove in connection with my job, anything I bought to use for my job, I can even write off part of my house bills if I used a portion of my house as an office or work area. The best way to know what you can write off is to talk to a tax professional OR (since they can be tough to call) a quick Google will often help you out with everything you’re allowed to write off.
  4. What Will I Need? – This will depend on the type of taxes you need to file. For me, I keep receipts throughout the year for everything connected to my business. This means you will need to figure out expenses, etc. before filing. However, if you aren’t self-employed, collecting the W2s from every job for every person who will be included on the taxes, 1099 forms for untaxed income you earned, 1098T forms for any college paid for out of pocket will be needed. Often, if you begin filling out your taxes yourself, it will tell what you need along the way and you can save it and go back in when you have it. If you are having somebody do them for you, you can call ahead of time and they should be able to give you a list.
  5. Stay Organized – Throughout the year, having folders or some way to organize your papers is important. Especially if you’re a business, you will need to separate receipts, payments received, etc. If you wait until the end of the year to compile all of it, I guarantee you not all of it will be there and it will make tax time really stressful.
  6. Where’s My W2? – I’ve had this issue occur before. When I used to work for someone other than myself, I had to wait for them to provide me with a W2. DO NOT attempt to fill out your taxes based on pay stubs that you collected throughout the year, for whatever reason, it’s never correct. By law, the people in charge of sending you a W2 for the year have to have it postmarked by no later than January 31st. If it’s March and you still have no W2, you need to contact HR for that company. Sometimes, getting firm with them is necessary and I’ve been there a few times. Yay for self-employment.
  7. Don’t Be Afraid to Ask – If you don’t know how to answer a question or you’re unsure if something will count, ask. Sometimes, the answer will surprise. I almost didn’t ask one year and because I did, I went from owing to not owing just like that. Be thorough, it’s worth it.
  8. Be Aware of Deadlines – All taxes must be submitted by April 15th. If you owe an amount for your taxes, it must be paid in full by the same date. It’s ok to put them off until the last minute but just be aware that things go wrong often with taxes and it can make it a pain in the butt if you don’t just buckle down and get them over with. Besides, it’s around $20 a day if you’re late. Extensions can be filed and are often accepted but who wants more paperwork?

  • Reply
    robin Rue
    March 29, 2017 at 12:00 pm

    I am married to an accountant, so he handles all our tax stuff. Actually, he is working on ours this weekend 🙂

  • Reply
    Alli Smith
    March 29, 2017 at 12:06 pm

    We have the best CPA in the world! He’s always on top of his game and knows all the ins and outs of my self-employed tax needs. I’m glad that tax deadline is actually April 18th this year since the 15th falls on the weekend AND a holiday weekend at that. I need all the time I can get. 🙂

    • Reply
      Kita
      March 29, 2017 at 12:15 pm

      It’s the 18th! That’s good to know thank you for that

  • Reply
    Christy Maurer
    March 29, 2017 at 1:30 pm

    I still need to file our city taxes, but everything else is done. Tax season is such a pain. It should be easier lol. Thanks for the tips!

  • Reply
    Shirley Wood
    March 29, 2017 at 2:29 pm

    Oh the dreaded tax season. I have got to gather my paperwork and make an appointment with our CPA. We trust her for the best advice on deductions. We are running behind this year. Thanks for the reminder.

  • Reply
    Amanda Farris
    March 29, 2017 at 3:45 pm

    Taxes are always so intimidating! Especially, being self employed. So, I try my best to stay on top of things. Thanks for the tips!

  • Reply
    Jaime Nicol3
    March 29, 2017 at 6:53 pm

    A good accountant is worth their weight in gold. It’s so important to find someone that you can trust!

  • Reply
    candy
    March 29, 2017 at 6:55 pm

    I just went yesterday and signed our taxes so they are all ready and done. Mark that off the list of things to get done. We have our done professionally well because our accountants have been helping us for years. Saved us tons of money over the years.

  • Reply
    Pam
    March 29, 2017 at 11:37 pm

    It is definitely important to be aware of tax deadlines. And it’s good to know what all you can write off.

  • Reply
    Jacqui S
    March 30, 2017 at 1:39 am

    These are great tips! I’ve been doing my own taxes for the past 18 years or so. But this was the first year that I was able to claim profits/losses on my business. Well, mainly losses lol. But I am keeping track of everything for this year and won’t be as intimidated next year 🙂

  • Reply
    ricci
    March 30, 2017 at 1:59 am

    These are great tips for tax season! I have yet to even start my taxes yet, HA!!

  • Reply
    Dawn McAlexander
    March 30, 2017 at 2:41 am

    I dread filing my taxes. Each year I put it off later and later. I know that I need to get it done, but it really scares me.

  • Reply
    Ali Rost
    March 30, 2017 at 3:02 am

    Thankfully my husband takes care of all of our taxes. I started a small business this year .. so it’s the first time we’ll have profit and losses on the business in the mix. Thanks for all of the great tips!

  • Reply
    Annemarie LeBlanc
    March 30, 2017 at 3:44 am

    Tax season. Yikes. My dreaded one time annual task. Me and my husband start early so we avoid the “crunch” and start to panic. Thanks for these tips. It is really helpful. My advice is not to wait till the last few days to do your taxes.

  • Reply
    Kiwi
    March 30, 2017 at 5:10 am

    Taxes are the most adulting thing in the world beside paying actual bills. Great tips I am trying to perfect my tax filing skills.

  • Reply
    Rebecca Swenor
    March 30, 2017 at 11:20 am

    These are great tips on taxes. I have always did my taxes myself. In today’s world the internet has made it much easier than it was before. It is so important to ask a question if you are unsure when you are doing your taxes. Thanks for sharing the tips.

  • Reply
    Ana John
    March 30, 2017 at 3:56 pm

    I hate tax time because it requires to much of paperwork, calculations and time consumption. But this article has helped me alot. Thanks for sharing the idea.

  • Reply
    Angelic Sinova
    March 30, 2017 at 4:43 pm

    These are such great tips for helping with taxes. For me, staying organized throughout the year is a MUST when it comes to taxes and tax season.

  • Reply
    Shannon Graham
    March 30, 2017 at 10:31 pm

    I do them all myself or with my mother’s help. I organize everything and she usually files them because she’s good with the jargon.

  • Reply
    Paula Bendfeldt
    April 1, 2017 at 8:00 pm

    These are all really great tips. I still have to get my taxes done, I should really get started and now with these tips it should be easier.

  • Reply
    Wildish Jess
    April 5, 2017 at 12:45 am

    I hate doing taxes as a blogger. I wish I would just hire someone already.

Leave a Reply

Instagram

Follow Me!

error: Are you trying to steal something? Tsk Tsk Tsk