Let’s face it, nobody actually looks forward to tax season. In fact, a huge amount of people put off doing taxes until the last minute every single year, despite numerous warnings and reminders. It probably won’t ever be at the top of your list for fun things to do. Although, dealing with filing, returns and refunds doesn’t need to be taxing. The following tax season tips guide will help you get ready for tax season 2021 without the headaches. For those of you who don’t want to file small business taxes alone, look no further than Block Advisors.
And if you’re like me and use tax season to get all of your financial needs in order, take a look at Smart Financial, which offers great prices on a variety of types of insurance (auto, home, life, medical, commercial, and more).
You should always make sure that your accounts are in tip top shape. If not, it can be a hassle when you’re up against the clock. Nonetheless, it will make life so much easier when tax time comes around again. Intuit Quickbooks and Free Score 360 are a handy suite of tools that can help keep you organized all year round as well as helping you to get ready for tax season.
Err on the side of caution during tax season
If you’ve taken the time to collate and complete your documentation, it’s unlikely that you’ll run into any problems. If you’re so doubtful of which third party tool to use, SuperMoney is an option that you can choose to pick the best filing mechanism.
If you’ve decided to go it alone and do your own tax returns, use your resource. There are a few tools at your disposal to point you in the right direction. FreeTaxUSA is a basic but useful site which will give you some IRS tax tips and help you get started with your return. TaxSlayer is another great site to bookmark for help with tax returns and refunds.
One of the best tax season tips, is that it’s never too early to start gathering your documentation for tax season. In fact, starting super early gives you a chance to review and revise. Most importantly, it will allow you time to spot any errors to avoid issues with the taxman. Netsuite’s accounting system can help you to identify and generate the documents that you’ll need to complete before the deadline to avoid any complications.
First time doing for tax returns? There’s absolutely no harm in taking a course to give you a head start. H&R Block Corporate offers and income tax course that will give you all the information you need to make your first tax return run smoothly.
Dotting the i’s
In addition to your actual tax documentation, there are a lot of things to keep in mind coming up to tax season. Some of these are:
Spending – Before tax season, it’s a good idea to spend your FSA if you have one. You can keep on top of this with an Acorns Spend Debit Card which will automatically save and invest for you.
Credit Score – It’s always a good idea to keep an eye on your credit score. Especially, before and after tax season to ensure that your business’s financial health is in great shape. You can do this quickly and easily with Credit Karma’s online credit scoring tool.
Investments – Any investments that you may have can be added to the mix when it comes to all things tax and there are plenty of sites out there like Ellevest which will walk you through the investment process and give you handy printouts and downloads for your records.
Refunds – Getting hold of tax refunds can be somewhat like pulling teeth. However, the process doesn’t need to be painful if you arm yourself with a handy tool. H&R Block has a tax calculator that makes it really easy to calculate your tax refunds and make a claim – and it’s all online.
By using some of these tools and tax season tips, finishing up taxes should be relatively smooth sailing. As long as you make sure that you leave plenty of time for potential corrections. However, if you find that you’re struggling, get in touch with a professional to point you in the right direction.
To make things easier moving forward check out Best Finance & Budget Apps and Best Finance Books for Beginners. If you want to grow your assets head over to How Does Investing Work? Investing in Stocks for Beginners.
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