My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.

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January Tax Prep Tips

Contributed by mm | January 14, 2005 12:12 PM PST

April 15 is still far off, but if you start taking action now, you may save yourself a lot of trouble in the last minute. Enjoy these timely advices from MarketWatch.com.

- Get organized. Put every tax-related piece of paper in a single location.

- Make an appointment. If you will hire someone to prepare you tax return, make your appointment as early as possible.

- Decide whether you'll take the state sales tax or state income tax deduction. Plenty of information here and here.

- Check out tax preparation software. If you plan to DIY, start your shopping for software now.

- Review changes to tax laws.

From my experience, start early always helps. If you will prepare your tax return on your own, you can have three full months to play your taxes in your software. The extra time helps to find hidden tax rules that can slash your taxes by hundreds of dollars, as well as to avoid last-minute mistakes.

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Read More ... 89 Posts In The Same Category


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