GETTING PREPARED FOR TAX SEASON

To prepare for tax season, understand your filing status, gather all tax documents, decide whether to file yourself or use a tax preparer, maximize retirement contributions, and adjust your tax withholding to ensure you pay the proper amount throughout the year.

Key Takeaways

• Understand your filing status - This determines your tax rates, standard deduction, and eligibility for certain credits and deductions.

• Gather all your tax documents - Having all your forms like W-2s, 1099s, and 1098s in one place makes filing easier. Using your secure client portal is always a good storage option.

• Decide whether to DIY or use a tax preparer - Doing your own taxes can save money but may be complex. Using a preparer provides expertise and options that can make this time smoother for you and your family while potentially saving you money.

• Max out retirement contributions - You can contribute to IRAs until the tax deadline to lower your taxable income.

• Adjust your withholding - Use the IRS estimator to check if you're withholding the right amount from your paycheck for your situation.

Being prepared for tax season is your best strategy for a stress-free experience.

Toye Wheeler, contributor