Tips for Preparing your 2014 Taxes

Some things in life are simple.  However, taxes don’t tend to fall into this category.  Tax law is a complicated and difficult jungle of information, which can easily confuse you when you are getting ready to submit your taxes for the new year.  Thankfully, there are several things you can do that will help you stay on top of your taxes.  Keep reading to discover how to make tax season easy on yourself.

Keep Track of RecordsTax Records

One of the toughest aspects about doing your taxes is finding the required information.  Make it a habit to keep organized records of your earnings and purchases so that this information is easily accessible when needed.

Be Precise

When filling out your taxes, take care never to estimate values or round numbers.  Taxpayers who submit rounded numbers can often be at a higher chance of an audit, since this is often a sure way to tell that the person in question has done some guesswork.

Know Tax Law Basics

In no way are you expected to know the intricacies of tax law just to do your taxes.  However, it is a good idea to keep up on any changes that happen where tax law is involved.  It’s quite disappointing to plan on getting an exemption, only to find out at the last minute that it was eliminated in the past year.

Sign It!

While this may seem obvious, unsigned tax returns are more common than you think.  Take the time to look over your tax return and ensure that it has your signature before you submit it.

Taxes aren’t fun, but they also aren’t impossible.  Follow these tips and you’ll be surprised how much easier filling out your taxes becomes.

 

photo credit: i am real estate photographer via photopin cc

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