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Tax Preparation

5 Simple Steps to File Your Taxes

5 Minute Read

Does the thought of tax season make you break out in hives? Fear no more! Our easy, step-by-step guide will help you prepare your taxes without even breaking a sweat!

Most people dread this time of year because of all the filing and paperwork involved with taxes. Thankfully, it doesn’t have to be that way! Preparing your taxes can actually be a simple, no-stress process if you do a little work on the front end. All it takes is some organization and time.

Step 1: Know the Tax Filing Deadline

While the traditional due date to file taxes is April 15, the 2018 due date is April 17.(1) Income and investment interest forms should be mailed to you by January 31. So, keep an eye on the calendar. If you haven’t received your tax statements by the first or second week of February, call the necessary people to be sure you receive your paperwork in plenty of time to get your taxes done.

Step 2: Gather Your Tax Documents

In order to do your taxes, you need to collect all of your tax documents. This includes your:

  • W-2s
  • 1099s
  • Mortgage interest statements
  • Investment income statements

To help get organized, download our free tax preparation checklist.

If you plan on itemizing deductions, you’ll need proof to back up your claims. So don’t forget any receipts for deductions like:

  • Childcare
  • Education costs
  • Charitable giving
  • Home improvements

If this is your first season filing taxes as a married couple, congrats! There are several tax tips newlyweds should know. To keep your tax prep running smoothly, here are a few more documents you may need to add to your list:

  • Form 8822 (if you moved)
  • SS-5 (if you changed your name)
  • W-4 (to adjust tax withholdings based on your new household income)

When in doubt, keep documents or receipts on file until it’s tax time. If you can’t find what you need, you can almost always request replacement copies. You’ll be glad to have these documents on hand in case you discover you can use them when filing your taxes.

Step 3: Organize Paperwork

Purchase a few manila folders, an accordion file, or a filing system that will hold your tax documents. In one folder, put all paperwork dealing with income: W-2s, 1099s, and investment interest statements.

In another folder, file paperwork for your deductions, such as mortgage interest, property taxes, charitable giving, and student loan interest.

Create a third folder to file receipts for deductions that aren’t in the form of statements, such as medical and home improvement expenses.

Step 4: File Your Taxes

Once you have all your documents organized, you’re ready to file your taxes! But which filing option should you choose?

According to a 2016 poll conducted by GoBankingRates, most Americans choose to either hire a professional (37%) or use tax software (35%) to fill out and file their tax forms themselves.(2)

Let’s take a closer look at tax software versus tax pro filing options to help you determine which is best for you.

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Online programs like TurboTax can be pretty straightforward for single people who have one source of earned income and don’t own any property. Singles likely won’t have any hidden credits or deductions that would require the help of a tax professional to find.

However, if your tax return is more complicated, you should probably hire a tax professional—especially if you plan to itemize deductions. The U.S. Government Accountability Office reported that those who claim only the standard deduction might overpay their taxes by nearly $1 billion!(3)

Additionally, a 2014 survey showed that the average refund for people who used tax software was $1,824 while the average refund for people who used a tax professional was $2,615.* That’s a $791 difference!

Save time, maximize your refund, and avoid mistakes by working with Dave’s team to find a quality tax services professional.

Step 5: Relax!

Your taxes have been filed, and you no longer have to worry about missing that April deadline. Thanks to your new organizational system, next year’s taxes will be a breeze.

Remember to promptly file any tax documents when you receive them so you don’t have to search the house for them next year. And once you’ve filed your taxes, save the documents for at least three years.(4)

See, that wasn’t so bad, was it? If you just take a little time and energy to implement these five steps throughout tax season, you’ll be set. Plus, you’ll eliminate the stress and worry if you’re organized on the front end.

Find a Quality Tax Professional

If you’ve decided to streamline the process and avoid potential tax filing mistakes, Dave’s nationwide network of tax Endorsed Local Providers (ELPs) can help. These tax professionals will take the time to explain your taxes and make sure you get every deduction you’re eligible to receive. Don’t wait until the tax crunch. Find a tax professional in your area today!

*Ramsey Solutions 2014 survey of 2,000 Facebook users.
Tax software performance varies by individual tax returns.

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