Yep. It’s the new year and January is over. So, what does that mean? Well… two things. First, you’ve probably broken 90% of your New Year’s resolutions. Second, you should have all of your W-2’s, 1099’s, and other tax documents in your mailbox or junk drawer in your kitchen.
It’s begun. Tax Season. *shutter flows down your spine*
Although it’s not our favorite time of year, it’s a price we pay to live here in the United States (or anywhere for that matter). With that in mind, here are 5 quick tips to help all of us win tax season this year:
1. Learn About Updates to Tax Laws (Local, State, and Federal)
Over the course of 2018, we have seen many different changes to tax law that are now in effect here in the United States. We’ve seen changes to the standard deduction, tax brackets, and much more. Here is a quick synopsis of some of the major changes:
For more changes, look here: https://blog.taxact.com/tax-reform-changes-infographic/ or here: https://www.taxact.com/tax-reform
Here are some additional resources from other blogs that can help inform you of recent changes:
2. Get Organized
This is key to your overall success during this time of year. Make sure that you have a safe place in your home to store all of your tax documents you receive prior to filing. You will also want to make sure that you have ALL of the necessary tax forms/documents that pertain to what happened during 2018. You could be waiting on various types of tax forms such as: W-2 (Wages), 1099 (Various forms for income), or a 1040 (Various forms for income).
See what various forms you could be expecting here: https://www.bankrate.com/finance/taxes/tax-forms.aspx
Run through the list of events in your head of what happened in 2018 that could constitute you receiving a tax form to make sure you have everything.