Five Important Tips to Prepare for Tax Season

With tax season underway, preparation is key to ensuring your finances are in order before (and after) you file your taxes for the 2016 year. Not being fully prepared for tax filing not only leads to stress and worry, but can also lead to mismanaging your claims and deductions. With that, below are five simple tips that will lead to a stress-free and successful 2017 tax season.

  1. Be Aware of Tax Regulation Updates—Keep up to date on recent updates (big or small) on tax regulations, as filing with old regulations can lead to inaccuracy in filing amounts. Just as you stay up to date on your personal finances with software like Quicken, you should ensure you have the most recent information on tax regulations. You can find the most recent updates on the IRS website linked here.

  2. Determine  Changes in Your File Status Ahead of Time—Getting married, having a child, sending children off to college… All of these things (and more) will affect your tax return. Take note of these things before you file, and know that just as they lead to changes in your personal budget, they will also have a significant effect on your tax filing.

  3. Get Organized & Gather Receipts—Having all of your paperwork organized and receipts accessible (large or small) will ensure the most accurate tax filing. To truly maximize your tax return, look through your personal finances over the past year to determine whether you should be itemizing.

  4. Compile List of Income Sources—Review your past year’s budget to properly identify all income sources rather than waiting for all of your tax forms to arrive. Using software like Quicken can ensure you keep all income sources organized throughout the year so you’re ready for tax season.

  5. Consider Making an IRA Contribution—Lastly, consider contributing. Look at your budget and personal finances, and determine the amount you can designate towards your IRA. Also note that you can make a contribution until the tax filing deadline and still have it count for the previous year.

Preparing for filing doesn’t have to be stressful and complicated, as long as you gear up ahead of time and consistently keep an eye on your finances throughout the year. Quicken aims to ease the process by organizing your budget and finances, but the commitment to stay on top of your finances ultimately starts with you!

Amanda Young is the Senior Manager of Email & Direct Mail Marketing at Quicken Inc., the leading personal finance management software that helps you get your finances organized.  At Quicken Inc., Amanda provides financial insights for marketing initiatives, as well as develops money management focused campaigns. For more than 30 years, Quicken Inc. has been the trusted financial solution for millions of consumers.

Save


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Peyush Bansal
10 Things You Didn’t Know about Lenskart CEO Peyush Bansal
Glovo
20 Things You Didn’t Know About Glovo
Grammarly
20 Things You Didn’t Know About Grammarly
Julian Teicke
20 Things You Didn’t Know About Julian Teicke
McDonalds
10 Stocks to Consider if you Like McDonald’s
Nintendo
10 Stocks to Consider if You Like Nintendo
Nike
10 Stocks to Buy That are Like Nike but Cheaper
Home Depot
10 Stocks to Consider if You Like Home Depot
Kingston
The 20 Best Places to Live in Rhode Island
Darmstadt
The 20 Best Places to Live in Germany
Dar es Salaam- Tanzania
The 20 Best Places to Live in Africa
Bar Harbor, ME
The 20 Best Places to Live in the Northeast
Lake Tahoe
The 20 Best Things to Do in Lake Tahoe for First Timers
Hong Kong Restaurant
The 10 Best Seafood Restaurants in Berkeley, CA
The Prince Sakura Tower
The 20 Best Hotels in Tokyo
Palmers Fresh Seafood
The 10 Best Seafood Restaurants in Lexington, KY
Everything We Know About Aston Martin’s Limited Edition V12 Speedster So Far
2020 Lamborghini Huracan EVO
10 Things You Didn’t Know About The Lamborghini Huracan EVO
Ford Mustang Mach-E
20 Things You Didn’t Know About the Ford Mustang Mach-E
Mercedes-Benz Vision AVTR
The Mercedes-Benz Vision AVTR concept
Fossil Q Control
10 Best Fossil Smart Watches Money Can Buy
Stowa Prodiver Lime and Orange
The 20 Best Stowa Watches of All-Time
Spinnaker Hull California Automatic Black Tan
The 20 Best Spinnaker Watches of All-Time
Mido Multifort Automatic Anthracite Dial
The 20 Best Mido Watches of All-Time