Tips For Surviving The 2013 Tax Season

Taxes are daunting and complicated, especially if you own your own business or are self-employed. But if you follow a few simple tips during tax season, and throughout the year your taxes will be much simpler and easier and you will pay less taxes.

Itemize

If you own your own business or are self-employed, itemization can take the sting out of taxes. If your itemized deductions add up to more than the standard deduction that you should not shy away from the added time that it takes for itemizing. You will be surprised at how many things you may be able to deduct from taxes. Business expenses, mortgage interest and charity donations are all commonly known and used deductions, but there are many small deductions that most people are not aware of. Take a good look at what deductions are available to you, and check to make sure you have accounted for them.

Organize

If you organize your tax records and receipts throughout the year, it will be much easier when it comes time to do you taxes. Make sure that you keep all the important records in one place. 1099s, W-2s, and mortgage statements should all be stored together. Make sure that you collect and keep any receipts that may be deductible throughout the year. If you are not sure if a purchase qualifies, keep it. Remember that if you are given a receipt for a charitable donation, that it most likely qualifies.

Tips For Surviving The 2013 Tax Season
Another tip that can help you with keeping things organized is store as many files on your computer as possible, and to keep them in the same, well organized folder that is safely secured and you can easily accessible. While you may need the paper copies if using a tax accountant or if you get audited, the digital copies should be enough if you are preparing your taxes on your own. And remember that well organized records will help the process go smoothly if you do get audited.

File Electronically

If you know you will get a tax refund, this is the easiest way to file. Otherwise it can still be helpful to e-file, as they will allow you to send a check in later. E-filing has a number of advantages over paper filling on your own. Most online and computer based filing software gives you plenty of tips and walks you through the process step-by-step. For people who are comfortable working with computer programs, e-filing also often gives users instant access to online help from tax experts. E-filing can also be done in the comfort of your own home, at your own desk.

Decide if You Need Help

for you. Do not be afraid to get help if you need it. It can save you money through itemizations and deductions you didn’t know you qualified for, and help save you the hassle of an audit because you did not fill out your taxes correctly.

Denny Jones

Hi, I'm Denny Jones, a seasoned financial advisor and writer passionate about helping others conquer debt and achieve financial stability. With over a decade in the industry, I've guided countless individuals toward smarter financial decisions through practical advice and insightful writing. Join me as we navigate the path to financial freedom together.

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