It’s that time of the year again and if you’ve not already started to think about taxes, what are you waiting for? Uncle Sam is waiting to see that tax return and you’re hopeful of getting back a big refund or paying the least amount of taxes as possible. That is sometimes easier said than done, however. Save yourself a bit of headache and hassle and put the great tax planning springfield mo below to use.
1- Standard or Itemized Deductions
You can itemize your deductions if you want to provide receipts for items that you’ve purchased. Or, you can take the simple route and take the standard deduction. In 2018, the standard deduction was $12,200 for an individual and $24,400 for a married couple. The standard deduction rate is increasing each year, however.
2- DIY or Hire a Pro
Most people hire a tax pro to handle their taxes and perhaps that is the best way to handle your filing as well. When you hire a tax professional, you get a break and a lot of worry lifted off our shoulders. Plus, they make sure you get all of the deductions possible!
3- Check Your Withholding Status
When is the last time you checked your withholding status? If it’s been some time, it pays to take a look at things to ensure that you are claiming the proper withholding status. When you have the withholding status accurately set, you won’t pay out too much money upfront or owe too much when it’s time to pay Uncle Sam.
Don’t let tax time cause you stress. So many people want to pull out their hair when tax season rolls around. Use the information above to make tax planning a whole lot easier.