With over 50% of people less than fond of filing their income taxes — and more than a quarter saying they hate it — tax season is a pretty dreaded time of the year for anyone.
It’s understandable. Taxes can be complex for a lot of people to understand, particularly if your tax situation isn’t the norm.
Self-employed? Earn foreign income? Any one of those things can take your tax forms from simple to complex.
There are, however, a number of things you can do to make things easier on yourself. If you’re worried about struggling with filing your taxes this year, help yourself by doing the following.
1. Use a Professional
Filing your own taxes can be very daunting. At the end of the day, if things are just too complicated or there’s too much to your situation, using a professional is a good idea.
They’ll be able to fill in your taxes with (hopefully) no mistakes, and can deal with any issues that arise.
The only downside to using a professional is the cost, but they may also be able to save you money in expenses.
2. Use a Tax Calculator
If filing taxes yourself, however, using a tax calculator can be the best idea.
You can use it ahead of time to get an idea of how much you’ll have to pay and set that money aside. You can also use it when filling out your forms to make sure you’ve gotten everything right.
By entering a few numbers, tax calculators can do a huge chunk of the work for you.
3. Research What Expenses You Can Claim
If you’re self-employed, the best tax advice you can seek out is what expenses you can claim.
Expenses will mean less money that is taxed, and you’ll want to make sure you’re taking advantage of anything available. For example, a portion of your home might be dedicated as a home office, or certain purchases might be purely for work. Those are likely to be things that can be exempt from being taxed.
4. Use Tax Software
Tax software is always available to help if filing your own. If your tax situation is reasonably straight forward, plug in some numbers and the software will do the work for you and even send it off to the relevant authorities.
There are many different options for software.
5. Keep Deadlines in Mind
Every year, people frantically Google, “What is the penalty for filing your taxes late?”
Don’t be in that position!
Keep the deadlines in mind and stick to them. Otherwise, you’ll just end up owning more money.
Filing Your Taxes Doesn’t Have to Be Difficult
Filing your taxes can be daunting, but it doesn’t have to be the most difficult part of the year. Do your research, use a calculator or software, and if worst comes to worst, hand off the burden to a professional.
That way, you can relax.
For more financial advice and other important life topics, check out the rest of the site!