| Understanding the tax code can be one of the more | | | | need to be familiar with Schedule A (Itemized |
| complex and frustrating subjects that you will face in | | | | Deductions), and the expenses that qualify. You will |
| this lifetime, especially if you are preparing your own | | | | only be able to itemize if your expenses on Schedule |
| tax return. There are ways to help make this time of | | | | A exceed your eligible standard deduction. Coming up |
| year less painful, and you might even find tax | | | | with enough itemized deductions is one easy way to |
| preparation enjoyable if you follow these five tips. | | | | reduce your tax liability. |
| Make sure that you are organised by having easy | | | | Be informed of all deadlines that you are obligated to |
| access to current bank statements and all receipts for | | | | meet with your tax situation. Deadline requirements |
| tax-related items. Keep a checklist of every tax form | | | | pertain to many tax-related events like: funding |
| that you expect to receive in the mail, such as W-2's, | | | | individual retirement accounts, funding health savings |
| 1099's, 1098's, etc. When you have all of these | | | | accounts, paying timely quarterly estimates if |
| documents in hand you should be ready to start | | | | necessary, etc. Knowing your specific deadlines will |
| preparing your taxes. | | | | help eliminate any unnecessary stress and unwanted |
| Become familiar with the most recent tax code | | | | penalties. |
| changes. You might be missing out on some new tax | | | | Double checking your work might be the most |
| credits and deductions if you don't do the research. | | | | important tip of all. After the tax return is completed |
| Utilizing the IRS website, can be one of your best | | | | make sure you review the return thoroughly to ensure |
| resources for finding a quick guide to new tax law | | | | that everything on it is correct. Submitting your tax |
| changes. | | | | return correct the first time can save you from a lot of |
| Determine if you will be able to itemize your deductions | | | | headaches down the road. |
| for the current tax year. In order to itemize you will | | | | |