When it comes to filing Taxes, there is so much that we have learned over the years. Since I am a small business owner, it makes things more difficult than if we didn’t because of all the expenses and write-offs and this’s and that’s. It also gives us a lot of benefits. We have had our share of accountants (this is something you need to be VERY careful in choosing). There are also online services like TurboTax, H&R Block, and Tax Act that you can use to file your taxes online. I wish I had known some of these Tax Filing Tips when were first starting out.
We have used each one of these methods at least once, we have even gone into H&R Block once to get our taxes done. We finally settled with a great accountant that was recommended to us and hopefully he will be around for a while. We are getting ready to do our taxes again this year (since hubby just got his W-2) and here are some thing that have saved us time and money that I wanted to share.
5 Tax Filing Tips:
- Get a filing cost up front
- Our very first year of marriage we went into H&R Block to get our taxes done (neither of us really knew what we were doing) and they charged up almost $100 for a simple 1040-ez. We were in there for 20 minutes, literally. When they told us know much we about died, since we were told it “wouldn’t be very much” since it was such a simple return. We tried to argue, but in the end we ended up having to pay it. From then on we made whoever was doing out taxes give us an upfront cost. It has worked out very well.
- GET ORGANIZED
- Keep logs, important documents and other papers you will need (like receipts, etc) in a file so you are not scrambling at the last-minute trying to find everything. Chances are you will forget or miss something, so try to stay organized throughout the year. This might not help for last year, but start now so you don’t have to go through the same thing again next year).
- Understand the Tax laws
- There are so many tax laws. Make sure you know about the ones that apply to you and that you keep the proper documentation for the write-offs you are taking.
- Have an idea
- I always like to do our taxes online (WITHOUT FILING) (through H&R Block or TurboTax) just to get an idea of what we should be getting back. A few years ago, we had done this then went into our accountant and she had forgotten to take one of our deductions off so we weren’t getting as much back. I made her go back over everything until we found the difference. It was almost $850. If I hadn’t done a tentative run through first, I wouldn’t have ever known this! Plus this also helps you get all the information you need together before hand!
- When in doubt – ASK!
- This is your money. If there is something you don’t understand, or a deduction you feel like you should get, ask your accountant. It’s their job to get you the most money back, make sure they are doing their job, and not just hurrying to get through it.
I would love to hear your thoughts on this. Do you prepare your own taxes or have an accountant do it for you? What Tax Filing Tips do you have?
*Please note, I am not a CPA or any kind of accountant, and this is not advice, recommendations. This is simply my opinion and UtahCouponDeals or Coralie Seright are not liable for any actions you take.