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Preparing For Taxes

Three Tips to Ease Next Year's Tax Burden

While taxes are so yesterday, it's inevitable that they'll be back in season this time next year. Here are three things to downsize the dread for next year's taxes.

  1. Choose one place to keep all of your tax documents, including any receipts and medical bills. If you're self-employed, it's even more crucial for you to organize your records throughout the year to avoid tax-time panic.
  2. Build an emergency fund so that if there are any tax bill surprises, you won't be caught between a rock and the IRS. The easiest way to start one is to open a high-yield savings account and make automatic deposits each month. Owing the IRS is no cup of tea and it's an unavoidable bill — a healthy emergency fund will prevent you from having to go in debt, plus interest, to pay back the government.
  3. If completing your tax return was a huge headache for you this year, promise yourself that you'll hire a professional for help next year. Schedule a reminder in your phone and calendar for next January to make an appointment for your taxes, and include the phone number so you'll have no reason to put it off.

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bellaressa bellaressa 7 years
Thanks for the tips Savvy.
shanimalcracker shanimalcracker 7 years
Good idea about keeping everything together; it's easy to lose track of different papers. :) Maybe it's even better to scan the documents and make them PDFs just in case you're really forgetful!
MissMarisol MissMarisol 7 years
Thanks for the tips. I will be saving this one for next year.
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