Preparing Taxes: General tips you should consider as you prepare for tax filing
TAXS… That is how the word should be spelled. The word ‘taxes’ is much better suited as a four letter word; it really should join all the other colorful four letter words that grace our language.
Nobody enjoys paying taxes or even preparing taxes. The process is time consuming and confusing. Generally, it leaves a sour taste in your mouth.
But unfortunately, with taxes, you must bite the lemon. You can’t avoid them… they are an inevitable truth of our lives.
So here is a bit of information to help you through the arduous, depressing task of preparing taxes. Our friends at Wisebread.com have put together this great list of 11 Tips to help prep for taxes.
Of course, you can always have a professional do your taxes for you. For some people, this is the best option. The cost, however, was about $273 in 2015, according to CPA Practice Advisor.
You can also choose to do the job of preparing taxes on your own. Attempting to follow the guidelines and structures set forth by any governmental agency is enough to drive anyone completely insane. If you dare take this route, you are brave and hopefully full of patience.
The next, and increasingly popular, option would be to use specific software for preparing taxes. There are many option nowadays, ranging anywhere in price from about $12 up to about $35 for the basics, and can range to over $100 for the more complex programs.
According to the vast majority, Turbo Tax is the overwhelming favorite. PC Mag, The Simple Dollar, Kiplinger, Forbes, and many others agree that Turbo Tax is superior in terms of usability and value.
So many people are terrified during tax time, and consequently, procrastinate on getting things done. Luckily, if you have all of your information available, you can get it done quickly nowadays.
And don’t wait to file! Straight from the IRS, here are the facts on late payment and filing. Even if you might struggle to meet the financial obligation, it is better to file on time and work out a payment plan than it is to file late.
Susan Sly is a Balanced Living and Productivity Expert. She is an author, speaker and entrepreneur. She has appeared on CNN, CNBC, Fox and Lifetime Television. Susan is the mother of five children. She, and her husband, Chris, reside in Scottsdale, Arizona.
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