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Tax Season Tips

By Diana Batchelor

The dreaded tax season is upon us, and it is always helpful to have some tips to survive the process on a good note. Lifetime Wealth offers the following tips we have found to help make this season tolerable.

  • Start early – go through your checkbook, credit card receipts, and email to find the necessary documentation for the charitable donations and any deductible expenses that you made in 2014.
  • Call now – if you use a tax preparer, call now to schedule a date in February or March when you expect to have all of your documents in order.
  • Be prepared – the lull between the holidays and the end of January is a perfect time to get a shoe box, a plastic bin, or large envelope near the front door or on the kitchen counter to use to collect all the tax documents that will be coming in the mail soon.
  • Get organized – after you think you have received all of your tax documents, put all of your income items together in a folder, put all of your Schedule A expense items in a folder, gather all of your receipts, and make sure you have all the social security numbers for all the members of the family that you will be claiming as dependents. Your tax preparer will love you!
  • Retirement account contributions – remember to make IRA or Roth IRA contributions before the filing of your 2014 tax return, particularly if your contribution is to be considered deductible for the 2014 tax year.
  • File early – it is better to beat the rush and get the tax filing process behind you, especially if you have a simple return with very little required documentation.

Remember, the deadline for filing your taxes this year is Wednesday, April 15th, 2015.

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