Hard to believe, but tax season is in full swing! I’ve got a couple ways for you to save money on filing your taxes, and some tips to make it a little easier.
I already prepared and filed our taxes using Turbo Tax online. It’s quick and they walk you through everything. Because of our tax situation, we are unable to do our taxes for free, so for my family, TurboTax is the best/easiest solution. If you want to try Turbo Tax out, here is a link where you can receive up to 20% off any paid online federal product!
If you make $72,000 or less, check out the IRS Free File.
There is also E-File, which offers free federal tax returns for those who qualify for a 1040ez.
If you aren’t sure what you need to file your taxes, here are just a few pieces of paperwork you may need (depending on your tax situation):
- W-2’s- one from each of your jobs
- 1099’s: if you are an independent contractor
- DMV paperwork (if you don’t have this, then the VIN and license plate # from your car, and go here– CA only, I’m sure other states may have something similar).
- Receipts for any tax-deductible donations
- Receipts for any medical expenses (co-pays, prescriptions)
- Paperwork from your Mortgage Company regarding your interest paid
- Paperwork regarding your property taxes paid
- Dependents Social Security Numbers
- IRA Year-End Statements
- Interest Statements from banks
I start a folder (like this one) each year and I put all of the paperwork in it as it comes into the house. Then, after we do our taxes, I print a copy out, pull out all of our supporting documents, put them into a manilla envelope, write the year on the front, seal it, and stash it with our other past years’ taxes. We keep 10 years’ worth of tax records, just in case.
Talk Back: Have you done your taxes yet?