Thrifty Tax Preparation Tips

Posted on January 6th, 2015 by Discount Debbie

tax season

Being thrifty is often synonymous with being a do-it-yourselfer. Often, you can save so much money by cooking your own food, building your own chicken coop, or sewing your own home décor. When it comes to taxes, though, the process can be very intimidating. Now, I understand that there are some very complicated income situations that make it easier and more efficient to take all your paperwork to a professional. However, with so many great online programs with answers for your every question (and which often predict the questions you might have before you ask them), you can do your taxes on your own!

Start gathering all the information and paperwork right now to make things easier on yourself.

1. Income and taxes paid

The first day to e-file taxes for 2014 is January 20. That’s only two weeks away. Even though you may not receive your W-2s until the end of the month, you can look at your end of the year pay stubs and records to find those year-to-date (YTD) final numbers on income, federal and state taxes, health insurance payments. It’s all on your last paycheck of the year. If you’re not anxious to file early, you can always just wait for all the tax forms to be mailed to you by January 31.

2. Donations

Don’t miss out on any tax credits. Whether you gave in-kind donations or monetary ones, you are entitled to those credits. Don’t forget about them.

3. Other tax credits

Car registration, mileage information (if you keep track of them), home mortgage insurance payments, any business or work expenses, education expenses and daycare costs will all earn you tax credits. So, get all that information together, too.

Put all these papers in a file (or pile, if you prefer) and you should be pretty ready to sit down at your computer and get your taxes done relatively easily and quickly anytime after January 20.

Do you do your own taxes?

When you’re ready to e-file your taxes…

Free Error Correction – This software will automatically check your tax return for common errors. If the software finds any errors, it will prompt you to correct them.

Get Your Refund Quick – Who doesn’t want their refund quickly? Filing online allows you to receive your refund quicker than off-line.

Helpful Software – The software will walk you through common deductions and credits that you may be eligible for with its easy and quick question & answer format.

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