Tax season is here! And for many people, it’s the most dreaded topic in personal finance. If you don’t know how to file taxes, this post is dedicated to you. In the age of technology, filing taxes has become a lot simpler. I remember seeing my parents filling out what looked like hundreds of sheets of paper – adding, subtracting and scratching their heads. As you work through this list, remember that you should try to file on time and avoid any penalties.
1. The Complete Guide to Doing Your Taxes For the First Time | Student Loan Hero
Your important tax questions answered for free. Find out if you need to file taxes; what the tax deadlines are/ were; how to request a tax extension and the documents that you need to file your taxes. These days, taxes can be filed the old fashioned way – paper or with tax software. Take the time to understand the deductions and credits that you qualify for.
Did you know that most scholarships do not qualify as tax income. However, there are some education credits and deductions that can save you money. As a student, you might not be making enough money to file, but you should find out what the threshold is. Not having health insurance can also hurt you a bit more than you would like. Consider joint insurance with your parents or a subsidized plan.
To have and to hold through taxes and tax season. I did not know that weddings are tax deductible! According to Brides, depending on the choices that you made when planning your wedding, you may qualify for a tax deduction. Donating your dress, your wedding venue, your choice of gifts and favours can allow you to claim a tax deduction.
Bloggers should file too! And you should report your income from blogging and items that you receive for free. Melissa explains that some of more popular blogger deductions are your blog design and template, blog conferences and workshops hotel and transportation costs, mileage and business cards. A good bit of advice Melissa passes on is to save your receipts!
Yes, if you’re self employed, you have to file taxes. But to make your life a bit easier, you should keep taxes in your mind as you conduct your business. You should also be mindful of your expenses. Some considerations are advertising, cell phone and internet, meals and entertainment, office supplies and travel. A bit of advice that jumped out at me was that you should keep track of your expenses – a simple Excel spreadsheet can suffice.
Sometimes it’s good to hear from others about their experiences. Three business owners share their advice on how to file taxes, how to prepare for tax season and a few hacks to consider. This amazing conversation takes place between Kelly Gibbons of Main & ROse, Nick Pirollo of Scholly and Vincent Villamena of Online Taxman. One good piece of advice? Do your taxes properly!
I’m not at all morbid, but things like this pop into my mind from time to time. Dealing with the death of a loved one is an unpleasant exercise, but it requires a level head. Although your relative is deceased, a tax return must be filed by a personal representative of the estate. On the tax form, the word “deceased” must be noted on the form along with the deceased’s name and date of death.
Filing your taxes on your own can be complicated and that’s why solutions like TurboTax Self-Employed are valuable. In this review of the service, you will learn how to create an account, choose the best tax filing product, add in information about last year’s tax filing. This software has a number of tools like the Expense Finder and the Smart Look tool.
The best thing you can do for yourself when filing taxes is to get organised. Keep all of your documents together, so that when you’re ready to file, everything is there. Also, take note of the credits that you are eligible for. There tax credits for children, health care, social security, tuition, business travel, volunteer work expenses and charitable donations.
The most confusing or overwhelming thing about filing taxes is not being sure about what you owe and why you owe it. What should you do in a situation like this? You must decide how you will prepare your return whether it be a professional or software. The greatest fear that people have is that they will have to pay. Don’t be afraid, be prepared.
This post might be a bit late, but you still have time to beat that deadline. Don’t delay. File today.
Do you find yourself struggling to survive on the income from your job? If you have the time, a second income might be the solution to your financial problems.