There is nothing more taxing than filing your personal income tax returns. If you are one of many individuals who doesn’t start thinking about personal taxes until the month of April arrives, then it’s time for you to get organized and take steps to get the ball rolling earlier next year.
Personal taxes don’t have to be a stressful ordeal. With the right combination of organization and preparation, your personal tax return is a fast and easy process. You can also save money by following some of these personal tax tips, which can be important tax tips for your small business as well.
Getting Organized
The first step to success with your personal tax return is getting organized. No matter what the nature of your job or your income level, you can enjoy extra savings on your taxes by keeping track of things like charitable contributions and volunteer activities. Any money that you donate directly to a nonprofit organization is considered a tax write off. If you are a volunteer then gas, supplies, and any special clothes or materials that you require for your volunteer activities are also tax write offs.
Keep track of these charitable contributions in a simple spreadsheet using a program like Microsoft Excel. Don’t wait until receipts start piling up; record your contributions on the day you make them.
File Early
The money you expect each year from filing your personal income tax returns is precious, whether you are putting it toward excess bills or an exciting summer vacation. The earlier you file, the faster those dollars will appear in your account. Get started on your personal income tax work just as soon as you receive all the applicable papers in the mail. Many organizations make these documents available online and you can print them instantly from your home computer. This will speed up the process of filing your personal income taxes for the year.
Find an Affordable Accountant or Free Tax Service
Do numbers and figures make your stomach turn? One of the best ways to de-stress your personal income tax return every year is by letting someone else do the work for you. You don’t always need to turn to large organization for tax help. There are two excellent alternative solutions to that will cost much less.
First, consider a small scale accountant, perhaps a retiree or small business owner who does personal taxes on the side. These professionals will give you the individualized attention you desire at a price up to 60% less than the mega-agencies when it comes to your personal tax return. They will also be able to help with tax returns for a home based business.
Secondly, there are a variety of community organizations that offer free personal tax preparation for senior citizens and certain individuals who fall into a specified income bracket. Check with your local library or community bulletin boards for free personal income tax preparation.
Your personal taxes are an important fact of life. Don’t approach the tax season with dread this year. Get organized, file early, and make use of an affordable accountant or free tax service to get that personal tax return into your bank account in a fast and easy fashion.
