The extension deadline is 5-Tips finish your return

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The Filing Extension Deadline Is Here—5 Tips for Finishing Your Return - TaxACT

Way back in April, you were not entirely actually finished your tax return on income.

you filed an automatic six-month extension of time until October 15 to file your return

October is here -. and perhaps your tax return is exactly where you left it six months ago.

no problem.

with these tips you should have no problem to finish your return and deposit with confidence before the extended deadline.

Pick up where you left

Log in to TaxAct and take a look at the status of your tax return. Look at your income tax to date, taking note of the sections that are finished and partially finished, or need more work.

If you have paper or other notes outside TaxAct, look through them and refresh your memory of where you left

Look through your original tax documents and make sure that you entered while TaxAct

Place a check mark or other mark for each amount you enter - .. not only on each piece of paper.

For example, when you enter your mortgage information statement of interest, place a check in the amount of mortgage interest paid and the land tax, so you know you have entered each post .

Gather the minute information you need

As you look at your return, seek information that was missing when you stopped working on your return.

If you were waiting for a return Partnership Schedule K-1, for example, you should have received now.

it helps to make a list of missing information, and check the box that you find each.

Check all amounts labeled Estimated at your back

When you started your tax return on income, you probably did not have all your information.

rather than allowing key information from your return, you may have entered the best information you had at the time.

Not only does this give you a better idea of ​​your tax debt on April 15, in case you need to make a tax payment with your extension request, but used estimates when you have prepared your return, it's easier to remember to finalize your amounts later.

In some cases, you may not be able to document the exact amount for your return.

Calculate the amount as close as possible, and save the documentation of how you arrived at the amount.

with few exceptions, you are allowed to enter estimates of your tax return. Now is the time to enter your final amounts and remove the estimated mark each.

Do not let the missing information prevent you from filing your return on time.

If you find the information later that differs from the amount that you entered, and that information changes the amount of tax you owe on your return, you may have to file a return changed.

Use TaxAct Alerts

TaxAct experts have designed alerts to find errors, omissions and missed tax breaks as possible before filing your return.

Click the Review tab to execute alerts.

The Filing Extension Deadline Is Here—5 Tips for Finishing Your Return Review - TaxAct

remember all your tax payments

an item is too easy to miss when you pick work on your return again - amount of tax you paid when you file an extension.

Make sure you enter TaxAct so you do not pay more tax in your statement that you need.

do not wait until the last minute to file your return and pay any tax due

If you filed an extension on your taxes on individual income in 2013, your return is due on Wednesday, October 15, 2014.

not wait until the last minute, however.

time you allow you to prepare your return, less rushed, you will feel and the more you can be sure you are getting all the deductions and other breaks taxes to which you are entitled.

If you owe money to the IRS when you file your return, and you use the EFTPS system to pay, give yourself a little more time.

IRS recommends that you submit your EFTPS Tax Payment 8 pm Eastern Standard Time is at least one calendar day before the date of the tax.

What is the hardest part to finish your tax return on income?

Working millennia - Here's what you need to know about tax planning

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Complete Tax Planning Guide for Working Millennials - TaxACT Blog

Your Twenties and Thirties is an exciting time

Your. career takes shape, you may be buying a house. You may even be starting a side business or start investing.

As you start to make more money, you may find you also pay more taxes.

It is important to plan ahead so that you get all the tax benefits you're entitled

These tax issues, auto expenses to zero refund tax may affect you as Millennial work :.

Complete Tax Planning Guide for Working Millennials - TaxACT Blog

automobile expenses

you drive your car almost every day. Some of these miles are probably deductible.

You can take the standard mileage deduction in most cases, when you use your car for business (as a person self-employed or as an employee), when driving to the doctor during a deductible move, or when you are volunteering for a charity.

as an employee for mileage or for medical purposes, your total expenses in each category must exceed a threshold before you get a deduction.

The standard deduction for the use of a car in 2014 is 56 cents per mile for business miles, 23.5 cents per mile for medical or moving, and 14 cents per mile led the service charities.

sure to keep written records with the date, distance and purpose.

bad debt

now that you're making money, you can find people who want to borrow from you.

If you can not get a refund, you have a real debt, and if you have made efforts to collect, you may be able to deduct the bad debt as a loss of short-term capital .

gains and losses [capital

Plan your capital gains and losses -. before you sell

assets are most assets you own that are not for business. Your car, boat, and investments are all assets.

If you sell a capital asset at a gain, pay attention to the minimum holding period for long-term capital gain if possible.

If you sell a property one year or less after your purchase, you have a short-term gain

Wait until "more than" a year .; for example, a year and a day, and there is a long-term gain.

The tax savings can be very significant.

dependency exemptions

Every child you claim as a dependent reduces your taxable income in 2014 by $ 3.950. You will get this exemption full year, even if your child was born on New Year's Eve.

Do not forget to claim calling the foster children, a child who lives with you but is the school, and in some cases, a child you support who lives with the other parent of the child.

you might also be able to take a dependency exemption for your parents supporting you, or nonrelatives living with you, if they meet the IRS requirements.

in force and marginal tax rates

As your income increases, it is important to know the difference between the effective tax rates and marginal so you can plan effectively.

Your effective tax rate is the percentage of your total taxable income that you pay tax.

your marginal tax rate is the rate you pay on the next dollar you earn. Your marginal tax rate is generally more useful tax planning.

For example, if your marginal rate is 25%, you know that if you win $ 100, you must pay $ 25 of it in income taxes.

remember Social Security and Medicare, and state taxes.

Use this calculator to determine your tax rate.

pension plans sponsored by the employer

If your employer has a pension plan, make sure to sign up as soon as you are eligible.

the minimum you must contribute to the plan is the amount your employer will match.

deduction Home Office, reinvented

The home office deduction is always a little tricky.

Of course, there is a large deduction for people who work at home, but it is also complicated to calculate and some people say it can be a red flag for audits.

Discover the new improved deduction for home office.

If you qualify, you deduct $ 5 per square foot for a maximum of 300 square feet for office deduction maximum simplified home $ 1,500.

insurance

you may be able to deduct the premiums you pay for your wardrobe.

If you are self employed, you can deduct 100% of independent health insurance premiums and dental insurance premiums, even if you do not itemize deductions.

you can also deduct long-term care insurance premiums, up to a limit.

your deduction is also limited by your net employment income after pension contributions and the deduction of self-employment tax.

expenditures job search

looking for a new job can be expensive, especially if you pay the agency fees or traveling to interview for a job.

If your total miscellaneous itemized deductions, including research costs of employment, exceed 2% of your adjusted gross income, you may be able to take a deduction for eligible expenditures.

mortgage interest deduction

The deduction of mortgage interest is a powerful incentive to purchase a home.

You can deduct interest on up to $ 1 million debt to total acquisition on your main and second home.

your "second home" can be a cabin on the lake, or motor home, so he has room, restrooms, and sleep.

You can also deduct the interest on a mortgage, but be careful. You can not deduct interest on $ 100,000 of home equity debt.

Residence Sales

Most people know that selling a home is generally not a taxable event.

Make sure you play by the rules if you sell a house has increased in value, though, or you might have a large tax bill.

you and your spouse usually need to live in the house and owning two of the last five years to claim exemption of $ 250,000 ($ 500,000 if married filing jointly).

As with most tax issues, there are exceptions for special circumstances.

employment income

Whether you are an independent income on the side, or if you left the corporate world completely and use your own show, you can be self-employed in the eyes of the IRS.

you must pay self-employment tax, 15.3% of your net income on your tax return on income.

The good news is that you must also be able to take other business deductions, such as IT expenses, home office expenses, vehicle expenses and travel, and so after.

Complete Tax Planning Guide for Working Millennials - TaxACT Blog

zero tax refund

We all love a good return, but there is only one thing better -. be able to keep and use your own money in the first place

With proper tax planning, and using TaxACT, you can have just the right amount of tax withheld and make the best estimate for your quarterly tax payments, if necessary.

in this way, you have neither a large tax bill or a bargain when you file your tax return.

There's your money. The closer your refund is to zero, the better you have to keep your money in your wallet all year. Tweet this

Completing the Form W-4 to keep more money in your pocket

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Completing the Form W-4 to keep more money in your pocket -

How to Fill out Form W-4 - TaxAct Blog

Update for Fiscal Year 2016

when you file your tax return, a smart financial move is to check your W-4 form. Ensure you have the right amount of tax withheld from your wages can make a big difference on your taxable income next year.

If you have too much restraint, like many Americans, you can not make the best use of your money.

If you have too little withheld, you could face a large tax bill and potential penalties and interest when you drop the following year.

regarding your finances, it is important to take the time to learn about the W-4 form and determine if you need to make revisions and submit a new one.

to help you navigate the process, below are the answers to frequently asked questions on the Form W-4.

Why my employer withhold much?

Your employer has no discretion over the amount of tax is withheld from your salary.

your employer is required to withhold the amount for IRS withholding tables. The table is broken based on your salary, the length of time and the information on the W-4 form you filled.

What is a withholding allowance?

A withholding allowance is a number that your employer uses to determine the amount of tax on federal income and state to withhold from your salary. The more allowances you claim on your W-4 form, the less income tax will be withheld from each paycheck.

The number of exemptions you must ask varies and is based on a number of factors, such as marital status, employment status, earned wages, filing status and child or dependent care expenses. The number

Is withholding allowance to the same source as a dependency exemption?

No, a withholding allowance is not a dependency exemption. However, they are more or less linked.

The size of a withholding allowance is based on the annual value of a dependency exemption. For 2016, this amount is $ 4,050.

A mistake some people often make is assuming they can not claim as many allowances as the number of children they have. This is not true. In fact, it may be best to seek more quotas than the number of children you have if you have multiple children. However, many other factors apart from children can affect the optimal number of allowances you should claim, including additional income, deductions or tax credits.

How allowances affect my pay?

more allowances you claim, the less income tax is withheld from your salary. . Less allowances mean more income tax is withheld from your salary

To put other and

More more quotas corresponding net salary of money in your pocket.

how an additional allocation will change my net salary?

The best way to determine how an additional allocation will change your net pay is to use the W-4 withholding in TaxAct section (located in the Next Year tab) to calculate the difference.

How to Fill out Form W-4 - TaxAct Blog

to estimate how quickly a withholding allowance will change your federal income tax withholding, multiply your rate tax bracket by the amount of exemption ($ 4.050 in 2016). Then divide by the number of pay periods in a year.

For example, if you are paid once a week and are in the tax bracket of 25%, you will add a retention allowance to your W-4

Here's how it works :.

25% X $ 4,050 (the amount of exemption) = $ 1,000 (the annual tax benefit of an exemption in the tax bracket of 25%)

$ 988/52 weeks = $ 19.23

This is about the amount of your weekly wage should go with a new W-4 form.

But before going, do not forget your state withholding tax on income that will be affected too.

When you receive your first paycheck with new allocations of withholding, take note of how they affect your salary.

If you think this is not the right amount or if your circumstances change, you can always file another W- 4 form .

Why would I check the "Married but remember only as" box?

you usually have less tax deducted when you check the "Married". Indeed, withholding tables assume you are filing jointly with a nonworking spouse.

If your spouse has a large income, you may need to check the "Married but remember as one" box to have enough tax withheld.

Should I use the spreadsheet that comes with the W-4?

You can use the worksheet on the W-4 form. However, there are ways much easier and more accurate fill out the form.

If you use the W-4 Withholding section in next year TaxAct tab, TaxAct does the calculations for you.

is it better to have more successful, just to play it safe?

choose to have too much tax withheld may feel safer and easier than determining how much you should have retained and how to complete the form for that to happen. However, there is nothing safe to let the IRS take your money for a year or more. The small investment of time to make sure your withholding tax on income is correct is well worth

Many taxpayers do not want to risk having a draft tax law at the end of year -. Regardless of size. If that's how you feel, adjust your W-4 accordingly and plan for a small refund.

You can still celebrate when you get your refund check, the more you can be happy to know that you have not been too many more tax withheld.

How to Fill out Form W-4

How do I file a new Form W-4?

Ask a new form of your payroll or get one from the IRS website.

again, if you use TaxAct to calculate your withholding allowances you can print a blank Form W-4 when finished.

Having updated the new form, take it to your payroll department. Do not send to the IRS.

Why should not I have more tax withheld and receive a large refund at the end of the year?

To make the most of your money, you should try to pay the right amount of tax throughout the year with the exact amount withheld.

for example, if you have an emergency, the money will be in your bank account -. not in the coffers of the IRS

Essentially, you give the only large loan without interest IRS. Look this way, if you have a credit card debt you can pay high interest rates while trying to repay it. The IRS does not pay any interest to you for the money you give them by having too much tax withheld.

You would not want to overpay your mortgage, utility bills or other expenses by thousands of dollars just so you can get a large refund at the end of the year. Why would you do with your taxes?

Deductions How to work with elements

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Deductions How to work with elements -

How Itemized Deductions Work - TaxACT Blog

The IRS is not cruel. He does not want to tax every cent you earn. In fact, it offers a standard deduction - a gift! -. In all taxpayers based on their filing status

For the 2014 tax year, the standard deduction for a single filer under the age of 65 can automatically deduct $ 6,0 from their taxable income, and a married couple filing jointly may deduct $ 12,400 ($ 6,0 married filing separately).

However, depending on your finances, you may be able to reduce your tax burden even further if you itemize deductions.

written in the tax code are allowances for all kinds of deductible expenses.

When you choose to itemize deductions on your federal income tax on income (the famous 1040), trying to seek legal deductions that add more than the standard deduction, giving you a larger refund (or a smaller amount to pay).

This requires keeping careful financial records and a careful reading of the tax rules, but it can pay off come April 15

There are dozens of itemized deductions available, but here are some -unes of the most common deductions claimed by American families:

mortgage interest

This is a real advantage for homeowners whose monthly mortgage checks include huge chunks of interest. By listing deductions, you can deduct 100% of mortgage interest you paid

state and local taxes

This is logical. Why you federal tax on gains you have already spent on national and local taxes?

In the seven states that do not have the income tax, residents can choose to deduct the tax at the point of sale.

gifts and donations

As a way of rewarding charitable donations, the IRS allows taxpayers to deduct the monetary value of gifts given to charities, tax free.

total charitable giving charitable deduction is capped at 50% of adjusted gross income (AGI).

health and dental

IRS recognizes the high cost of health care and permits partial deduction for out-of-pocket medical expenses (not health insurance premiums ).

deduction covers the portion of medical expenses that exceed 10% of your income (7.5% if you are over 65).

Other deductible expenses

You can also deduct certain unreimbursed costs of employment, theft and damage losses, tax preparation fees, and lost the game.

generosity IRS has its limits, however. The tax code applies floors, ceilings and the phasing out of certain itemized deductions.

Floors set a minimum amount that you can start to deduct certain expenses, such as medical expenses of more than 10% of AGI. This 10% is the ground.

There is a whole category of miscellaneous expenses that account if they represent more than 2% of AGI.

Ceilings impose a limit on certain categories of itemized deductions like charitable deductions limit of 50% of AGI.

You can deduct 50% of the cost of meals related to business and entertainment, and gambling losses can not exceed the earnings game.

eliminating some itemized deductions is reserved for the highest incomes.

for fiscal year 2014, the elimination begins for those earning $ 254,0 or couples earning $ 305.050.

elimination applies to most popular itemized deductions including mortgage interest, charitable contributions and taxes paid.

If your income exceeds these thresholds, the total amount of itemized deductions that you can claim is lowered to 3% of each dollar over the limit, up to a maximum reduction of 80%.

6 things you need to know about investment vs repayment of debt

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6 things you need to know about investment vs repayment of debt -

6 Things You Should Know About Investing vs. Paying Off Debt - TaxACT Blog

You know you have to repay the debt. You also need to save for emergencies, education, a home, and retirement.

There's only so much money for everyone, however. If you try to pay 100% of your debt before you start recording, it might take too much time.

If you try to put money into savings at low rates today, at the same time you pay the high interest rate credit cards, you'll never go ahead, either. So what is the best plan

Knowledge of these six things may help you decide how to prioritize your savings and debt repayment plans:

Your emergency fund comes first

you can get out of debt without putting money in savings, but you probably will not stay there.

If you make just enough money to pay your bills, and you have nothing set aside for garden-variety calamities in life, you are almost certain to borrow the next time the car dies or you need dental care. What other choice do you have?

Try to keep the salary a month into a savings account or other place open, so you know you can cover minor emergencies when you need to.

Whenever you have to dip into the emergency fund, save like crazy to repay you. Tweet this

Once you get used to having an emergency fund, you'll wonder how you sleep at night without it. Work on building your funds to the value of living expenses of three or six months.

6 Things You Should Know About Investing vs Paying Off Debt

Your credit cards are not an emergency fund

Credit cards charge way too much interest in making good replacement fund emergency. In addition, your credit limit could be fired at any time. So what would you do?

Moreover, when you hit tough financial times, the last thing you want to do is to go further into debt.

Credit cards are payment of a fine tools, but they are willing ugly long term. Tweet this

Some debt is OK; other toxic debt

It would be wonderful if we could live without debt, but that is almost impossible these days.

If you have tried to save enough money to buy a house, house prices would probably rise faster than you can get money.

mortgage debt is debt "OK".

It is generally at a low interest rate, and if you can withstand a refinancing, balance usually goes down over time.

mortgage debt is even tax deductible for most people.

other loans are somewhat OK.

student loans, if you can not avoid them and you plan wisely, should more than repay you with a lifetime of higher earnings and a satisfying work life.

Interest rates are low.

auto loans plans, furniture and carpets of payment, credit card debt, and overdue bills should all be paid as quickly as possible in most situations.

If they have a high rate of interest, they can be toxic to your financial life. If it is difficult to pay your bills, you may have to add living expenses in your debt for your payments.

The cycle continues.

When you think debt repayment versus investment, focus on the repayment of toxic debt first. Tweet this

Make a list of your debts and prioritize the order you want to pay.

The most important ingredient of a savings plan is time

If you do not have a pension, savings or investment accounts, consider opening a today ' hui.

If you start saving in a plane (k) in your 20s or 30s 401, it is not so hard to be ready for retirement when the time comes.

If you wait until you're 50, it will be difficult.

it's not just what you have to save more money in a short time

Thanks to compound returns -. earning interest or other income on the statements of previous years - you will have a lot more money if you invest the same amount of money on your work life if you stash immediately towards the end.

This is why you need to open an account and start saving, even if you can not save much.

Before you repay all your debts, pay yourself first. You can not afford to wait. Tweet this

Never allow matching contributions from the employer on the table

If you have an employer corresponding plan to work, make sure to enjoy.

Suppose your employer matches 50% of your contributions to your (k) plan 401, up to a limit. (Some employers match 100%.)

By all means, make your contributions to the plan and take your share of correspondence, even if you still have consumer debt.

It's just too good a deal to pass.

must get into the habit of saving, even as you get out of debt

The question is not if you have to pay off debt or start saving first.

you can not do everything at once, but you can work on your most important savings and debt reduction targets if the two Prioritize carefully.

toward the debt, pay credit cards and unpaid bills.

Pay your house is large, but it is much less of a priority than getting rid of all consumer debts once and for all.

In terms of savings, to create an emergency fund as soon as possible, if you do not have it.

Take advantage of matching employer funds. Open financial accounts and start putting something in them every month, even if it is only $ 20.

Start learning to invest while you pay your debts.

So when your debts are gone, you are ready to get serious about working toward all your financial goals in life.

How to maximize deductions and tax credits

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How to maximize deductions and tax credits -

How to Maximize Tax Deductions and Credits - TaxACT Blog

to pay taxes on income is the civic duty of all Americans, with the money to help pay for national defense, highways, police, schools and services, among other things.

While we're happy to pay our fair share, no one wants to pay too much income tax. That's where the tax deductions and credits come into play

U.S. Congress writes the tax code -. Every 4 million words of it -. To enable individuals and businesses to claim certain deductions and credits to reduce their tax burden

Many of these deductions and credits are designed to help low-income households, working parents, owners and people paying for college

There are dozens of deductions and credits available .; the trick is to determine if you qualify.

The first step to maximize deductions and tax credits is to understand the difference between them.

tax deduction

a tax deduction is an allowable expense which lowers your taxable income.

If you give money or property to charity, for example, you can deduct the fair market value of those donations from your taxable income

Popular tax deductions include :.

  • Home mortgage interest
  • state, local and property taxes paid
  • medical expenses out-of-pocket
  • student loan interest
  • moving expenses related to employment

Learn about the difference between the standard deduction and itemized deductions.

TaxACT calculates both the standard deduction and deductions detailed and tells you what is most advantageous.

tax credit

a tax credit provides a fixed amount of dollars for eligible taxpayers and directly lowers the amount of tax you pay.

the child tax credit, for example, pays $ 1,000 for each eligible child in the household. . If you owe the IRS $ 3,000, but you qualify for $ 2,000 in tax credits, then you only have to pay the IRS $ 1000

Popular tax credits include:

  • tax credit on earned income (EITC) for low-income working families
  • child and dependent care credit to pay for working parents the cost of child care
  • American Opportunity credit and lifetime learning credit of to help cover the cost of college
  • owner credits for energy improvements like solar panels and wind turbines

It is a good idea to learn about all the deductions and credits available to you.

learn more about the tax credits and deductions specifically designed for parents, homeowners, low-income workers, small businesses and families pay for college on the Blog TaxACT or visit IRS.gov.

If you have experienced a major life change such as having a baby, buying a home or moving to a new job, TaxACT Life Events will guide you through the tax consequences of them.

once you have a better idea of ​​all the deductions and tax credits available, you will know what records and receipts to maintain during the tax year

For example:.

  • If you want to qualify for a higher education credit, for example, keep track of your school records and receipts for the books.
  • If you have any vehicle expenses for your business, keep a mileage log.
  • If you pay for visits or medications out of pocket doctor, keep receipts and detailed explanations of the benefits.

How to make your own Makes You Smarter taxes on your finances

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How to make your own Makes You Smarter taxes on your finances -

How Doing Your Own Taxes Makes You Smarter about Your Finances - TaxACT Blog

As part of the tour blog TaxACT #DIYtaxes, personal finance bloggers and world experts web sharing stories and advice about doing your own taxes and how it makes you smarter on the overall health of your finances.

See the stops made during the tour.

What I learned to do my own taxes

For the past five years, I ' did my taxes myself. I did not pay a tax advisor or even looked in their services. After all, I feel like taxes should be easy enough for the average person to do, let alone a personal finance blogger.

A problem with my taxes in recent years is that they have become increasingly complicated. I Married. My wife sometimes several jobs. We bought a house. We rent a part of our house. I made money from freelance writing and blog advertising.

Regardless of how complicated taxes get, however, I will always make myself.

The lessons I learned by doing my own taxes were extremely valuable. Tweet this

Continue reading to Young Money adult.

3 Reasons to prepare your own taxes + DIY tax filing tips

I have always done my own taxes. Even now I have a situation a bit more complex, I still prefer to do my own taxes. You can learn a lot and become more aware of your own finances as a whole.

online tax software makes extremely simple application fees. I mentioned this before, but TaxACT is honest to goodness my favorite tax software. I tried it and it is what I prefer to use

Having your taxes prepared by someone else is not cheap -. To all! I am in shock at the hundred dollars, most people pay to have a simple tax return prepared

Now that you know some of the greatest benefits of doing your own taxes, here are some tips for the day the deposit :.

Continue reading simple income Moms.

Using the time of the tax as a financial Checkup

If you do not do any of your own taxes, you might miss an opportune time to assess your overall financial health.

through finances during tax season can be a good way to really evaluate where you are financially whole. Tweet this

While reviewing your documentation each year for tax purposes, remember to watch those same forms with an eye toward your overall financial situation.

Continue reading at The Dollar Stretcher.

How Doing Your Own Taxes Makes You Smarter about Your Finances - TaxACT Blog

The Bonus hidden Getting my finances in order

as an actress turned freelance writer, I l 'I spent my entire professional career where you work.

In addition to covering my own health care and full responsibility for my own retirement planning, the contradictory and varied my means income that tax time has always been a bit a challenge.

Nothing has been more helpful in filing my taxes each year than the systems I put in place to maintain accurate records of my income, expenses, and revenues of year. Tweet this

This is my step by step strategy to take or leave, but whatever you do, find a way to maintain financial order that works for you.

Continue reading at The Broke and Beautiful Life.

What I learned Doing My Own Tax Return

I do my own tax return since I got my first job at the age of 16 that means I do my own tax return (dare I admit it?) over 20 years. With one exception, I did not do my own tax return the year when we bought our first house.

I admit, I was afraid of new things, too many things that I did not know. But after paying several hundred dollars to have someone else prepare my tax return this year, I am determined to understand the whole piece of it mortgage and continue to do my own tax return.

I learned a few things over the years.

Continue reading Tips to Real Girl.

5 Quick Tips to make your own taxes

15th April is threat on the calendar, and I have to get our fact taxes but I'm not worried because I do my own taxes since I got my first job. Yes, as a working home to

a business owner, I crunch the numbers every year, and since surviving an audit with nothing due, I think I have a pretty firm grasp on how to my own taxes.

The really interesting thing ... by doing my own taxes, I am more aware of our expenses throughout the year. Tweet this

I can track income and taxable deductions because I know what applies to our fiscal situation.

If you plan to do your own taxes this year, here are some of my top tips:

Continue reading to Meet Penny

what I learned to do my own taxes

[

Some people like to do their own taxes because it gives them a sense of control and ownership in their financial sector. Yes, it is easier to switch off all our CPA but for some of us, we prefer to take a practical approach.

The experience that we get through the various forms of taxes, check our deductions and credits to see how they affect your final responsibility - it can be exciting! It also makes you more knowledge throughout the year, you can make decisions that ultimately reduce your tax debt.

I learned that being conscious about every financial decision throughout the year makes the tax filing process easier. Tweet this

This includes pension contributions, receipts for business-related expenses, charitable contributions, deductions and credits. It helps to keep a monthly journal of the issues to be balanced throughout the year.

Continue reading to Girls Just Wanna Have Funds.

Tax Tips: Tips for taxes DIY

Before you sit down to use the tax program, sort your information: W-2 forms, 1099s, charitable donations, other deductions, etc. Make sure you have other relevant information, such as Social Security numbers (it is so important to get this right!), Addresses, etc.

Once you are ready to go, start the tax program and answer questions.

Continue reading Sisters shopping in a Shoestring.