It Is Tax Time! Preparation Tips for a Smooth Filing

Tax Preparation Tips

Tax preparation tips to aid the return process.

If you are one of the many Americans dreading tax season, know that the only way to make the process smooth and painless is to be organized and prepared. If you are neither of those things, check out these handy tips to get you up to speed so that you are ready to file early.

Gather documents.

Gather the right forms that you need, print off any documents, and ensure that you have the right W-2 and 1099 forms and more. As these documents arrive, safely store them in a place where you will remember to find them.

Figure out how to prepare.

Determine if you are going to do it yourself or if you are going to hire an accountant. If you are going to do it yourself, buy and download the right software now. Better yet, read up on how to do it yourself so that you are prepared when the time comes.

Contribute to your traditional IRA.

If you have been thinking about opening or contributing to a traditional IRA, you can do so and have those contributions count for the previous year up until April of the following year. Make these contributions before you file!

Think about the changes.

If you got married, had a baby, or your child has left the nest in the past year, your taxes may be affected. Not only that, many of these changes affect what happens on the tax forms of others, so it is worthwhile to talk to the people involved to make sure you are not claiming dependents that you should not.

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