Don’t Wait Til the Last Minute
Filling out your tax paperwork may be the last thing on your mind right now. It’s only February; we’ve got like two months until tax season, right? Yes, you have until April 15th to get your tax return filed. But getting everything in order now can really help you be sure you are getting the best return you possibly can.
When you wait until the last minute to file, you might miss some of the deductions you could be taking. Sometimes people end up skipping through the form just to get it done on time. They are more afraid of paying a late filing charge than taking a few extra minutes to get it done correctly. Now that you have some time, start finding all those receipts you meant to put aside.
Can Insurance Be a Deductible?
Also, talk with some professionals to see what might be deductible and what might not. One person who might be able to help you is your insurance agent. Some of your policies may affect your taxes. You may be able to deduct policy premiums if you paid them certain ways last year. In some cases, any benefits you received form your policies may not be considered taxable income. Without knowing about it yourself, you may miss out on some deductions.
You may also find that taking your time with your tax returns feels less stressful than rushing around a few days before April 15th. Having a chance to actually review your finances and properly file your return can make you feel much more confident about it. You will have the time to find the answers you need before rushing to file.
Doing your taxes does not have to be a maddening experience. Take your time and feel confident in your return this year by going over your forms completely and thoroughly.