“Taxes” – there, we said it. Admit it – the hair on the back of your neck stood up just a little. The word “taxes” can make a grown man cry and send other individuals screaming into the night. Do taxes have to be that scary? What do you really have to fear, after all? Fear itself? No, people envision all sorts of frightening possibilities when it comes to income tax.
What’s the worst that could happen? You don’t have enough money to pay your taxes? Jail? Okay, maybe it can be a little scary. But it doesn’t have to be. With the right help, you will be just fine. Aside from securing the services of a tax professional, let’s take a look at some tips that will help take the scary edge off of taxes.
Stay In The Know
Things seem a lot less scary, the more you know about them. That goes for taxes as well. Seek the assistance of a professional if you feel hesitant, confused, or marginally doubtful about filling out your taxes. They know all the ins and outs.
Tracking Your Refund Is Easy
If you e-file your taxes, once the IRS accepts it, the status of your refund can be tracked. Counting down the days to your refund was never easier. And knowing when your tax refund will arrive allows you to plan a vacation, special purchase, or something else that requires a few extra dollars.
What About Estimated Tax Payments?
Do you have estimated tax payments with which you need to stay current? Stay on top of your quarterly taxes by marking your calendar. These dates are important enough to keep track of.
With the Right Tools, Business Finances Are Easy
While the right tools could be as simple as a professional tax service, there is also TurboTax Helpful Information, QuickBooks, and more to help track business expenses and income. Particularly for those who deal with quarterly taxes, having something to help you sort out your transactions can be invaluable.
Assistance Is Only an App, a Click, or a Call Away
There are phone numbers to call, chat sites to click on, and apps to download that will help you answer tax questions. If you know what questions you want to ask, rather than waiting until you’re sitting down in front of your tax forms, you might want to get those questions answered ahead of time.
Your Retirement Contributions
It can be a double win, investing in IRA or 401(k) accounts. It lowers your income because your contributions go in pretax. There is also a “Saver’s Credit” which you may want to explore.
Your New Best Friends – Credits and Deductions
It’s okay to take advantage of this friend! Focus less on what you owe and more on what credits you qualify for if you want to feel less intimidated.
Keep Track of Your Money
We’re not talking about counting every single dollar or intricately spelling out a budget. To help keep track of your spending, however, consider using a modern-day app.
Utilize Tax Tools
Here is something you can use for free. That should already make you feel better. There are free products and tools such as online sites and apps that will help you be just a little bit smarter with your cash. You might even be able to file your taxes for free.
If you think you’re up to it, rather than giving a tax preparer your money, file online. You can sit down at your dining room table and do it at your own pace, when it’s convenient.
Tax Defense Partners doesn’t want anyone to be fearful of their taxes. Even if you get yourself in a pinch, and many people do, we can help. Contact us today to see how we can be of assistance.