Tips for Making Your Taxes Easier to Handle

When April rolls around it means taxes are due. Many people cringe at the thought of filing their taxes as they believe it’s a gamble of whether they’re paying in or getting a nice refund check. In order to ensure your taxes don’t break your bank, you should follow the many tips outlined below.

The first tip we have for you when it comes to your taxes is to think about what your filing status is going to be. While you may be married, you may get bigger tax benefits from filing as married-filing-separately. We encourage you to fill in your entire tax return under one status first. Check to see what your refund or pay-in amount would be. Then, you should switch the filing status and see if there is a positive difference. This one switch could save you hundreds of bucks.

Deductions can seem like a big word that sounds like a lot of work. The reality is that it’s worth every penny. Throughout the year, simply keep a log of your tax-deductible items so that you can access them during tax season. There are many software programs out there which make this type of logging activity a breeze. Realize that the more receipts you keep track of the more you’re going to be able to deduct come tax season. More deductions mean more money in your pocket.

When it comes to the actual process of filling out your taxes, you should opt for an online software. These programs, such as TurboTax.Intuit.com, make it a breeze for doing your taxes within a few minutes. There’s no need to pay hundreds of dollars to get a tax expert to file out your forms and send them in. Rather, you can simply file your taxes online and opt to receive your refund through direct deposit. This can save you weeks as you won’t have to wait for a check to be mailed to you.

Keeping track¬†of all your expenses throughout the year can be tough. This is why it’s a great idea to pick one or two credit cards to put all of your charges on. This will ensure that you can easily find those charges when tax season rolls around. For example, if you utilize fuel deductions for your job, you should keep all your work-related fuel expenses on one fuel card. This way you can easily print out a year-end summary and have your total fuel expenditure for work.

The last tip we have to make filling out your taxes easier is to always pay close attention to the due dates. The April due date of taxes has changed recently, so you should ensure you actually know what the due date is. Also, if you can’t file your taxes by that date, you should file for an extension. This will help to minimize any late payment penalties.

Tax season doesn’t have to be a hard time for you. In fact, if you utilize the tips that are outlined above, you’ll have no problem breezing through your taxes. You may even find that you end up getting a larger return than last year.