Hi folks, J.G. Wentworth here. It’s that time of the year again – tax time – and in today’s blog we’d like to offer our tips on how best to prepare for filing taxes. The old adage “a penny saved is a penny earned” is never more true than during tax season, and here are our suggestions for how to make sure you save as much money as you can when you file, starting with:
1) Don’t wait until the last minute
You want to take advantage of every deduction offered to you – and avoid any mistakes that could lead the IRS to hit you with any additional penalties or fines. We strongly recommend that you set aside time now to prepare your tax filing rather than rushing through it at the last minute.
2) Gather the correct forms
At this time of year tax forms can be found at the library or post office, and you can also always go to the official IRS website, Irs.gov.
3) Gather accurate financial information
Among the many documents you may need are W-2s, bank records, 1099s, receipts, a list of charitable contributions, and much, much more. Keeping them together and easily accessible will go a long way towards making filing your taxes easier.
4) Think about whether you need a professional
Many people nowadays prefer to file taxes on their own. In some cases, however, a tax professional can uncover possible deductions you may have overlooked – saving you both time and money.
5) Avoid common mistakes
Every year, many tax filers fall victim to common mistakes, including making basic arithmetic errors, not getting proper receipts and records, and itemizing incorrectly. And speaking of big mistakes people make during tax time:
6) Don’t forget to take advantage of every tax deduction offered to you!
Last but certainly not least is a mistake that frequently costs many Americans hundreds – and even thousands – of dollars on their returns: forgetting to list important tax deductions. Such deductions can include charitable contributions, health care/health insurance costs, child care credits, the cost of a higher education, costs of looking for a new job, and much, much more. Don’t forget these when you’re preparing your return!
We are J.G. Wentworth, the nationwide leader in purchasing structured settlement and annuity payments for cash now, and we know how important every dollar is to our customers. While information in today’s blog is not intended as tax advice, we hope this list reminds you of all the ways you could potentially save money this tax season. We also urge you to call us if you would like to discuss how to sell your structured settlement or annuity payments for cash now. We can be reached anytime at 877-227-4713.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.