Be prepared for tax season with these tips!
The New Year has begun! As you look toward the opportunities in the year ahead, it’s also important to start preparing your taxes. Before you know it, Tax Day will be here. Check out what you need to know so that you’re prepared for this year’s tax season.
Review Deductions.
Chances are you probably qualify for a tax deduction or two. As you start to assemble all the documents that you need to file your return, review all your possible tax deductions. From any charitable donations in the past year to tax breaks for higher education, check out all possible avenues where you may be able to save a bit.
File Electronically.
Filing your taxes can be a lengthy process. Help make the process as quick and painless as possible by filing electronically. It’s the easiest way to file your taxes so that you don’t have to stress about whether your return was received. However, keep a paper copy of your return handy just in case it’s needed later.
Be Wary of Fraud.
When filing your taxes, it’s imperative to be alert and wary of fraud. Whether someone calls you from the IRS demanding money or someone else’s taxes are filed under your social security number, educate yourself and be wary of who you’re dealing with so that you can stay well protected.
Make Retirement Contributions.
It’s never too late to contribute to your retirement fund. It’s a great way to start planning for your future all while getting a tax break. Whether you’re contributing to a 401K or a Roth IRA, it’s in your benefit to start contributing. Consider adding to your retirement before you file this year’s taxes.
Get ready for the 2017 tax season. The better prepared you are, the easier filling your taxes will be. As you start to prepare your taxes, don’t forget about your insurance. The professionals at Phocus Insurance can find you the best policies for your needs. Located in Phoenix, Arizona, we serve all your personal and commercial insurance needs. Contact us for more information.
