Whether you file early or wait until the tax deadline, here are four simple things you can do to help you cruise through tax season.
Step 1:
Know when your tax documents will arrive. Your tax forms should arrive in the mail starting in January. When you receive a tax form, take a moment to pull out a file folder, label it and set it somewhere safe. As new tax documents come in, add each one to your new Tax Day folder so everything you need is in one place.
Step 2:
Review last year’s milestones. Did you get married last year? Have a baby? Buy a house or car? If you made a big life change, congratulations. Since Uncle Sam isn’t a traditional “cool uncle,” don’t expect a gift from your registry. Instead, you might need some additional documentation and possibly extra tax forms. For example, if you got married, you’ll need to decide how you and your spouse will file this year – separately or married filing jointly. If you had a child, you might be able to claim some new tax credits. Not to worry – TaxAct can help you with all this if you file this year.
Step 3:
Consider if you’ll itemize. Many taxpayers tend to take the standard deduction. However, if your itemized deductions add up to more than the standard deduction you qualify to claim, itemizing might be a better idea. For 2023, the standard deduction for single filers is $13,850
($27,700 for married filing jointly). Planning to itemize? Get started organizing your expense receipts from the year. An easy way to combine
digital and hard copies is to snap, save and sort them into your phone’s photo albums. That way, they’re all in one place.
Step 4:
Set time aside to file. Life is hectic. And somehow, the second you sit down to do your taxes, that chaos likes to escalate. Show your schedule who’s boss. Try clearing a designated block of time on your calendar to file. Go all out – schedule a playdate for the kids, put on some
motivating music or whatever it is you need to do, and get down to business.
You’ve got this. By addressing little things early in tax season and clearing away potential filing obstacles, when you sit down to prepare taxes in a few months, nothing will stand between you and filing success – except maybe a pile of snacks. And who are we kidding? You’ll need those.
Filing your taxes doesn’t have to be complicated. Get started with AAA’s trusted tax partner, TaxAct. Their easy-to-use software makes filing simple! Plus, as a AAA member, save 25% on state and federal filings this tax season with TaxAct.1 Visit AAA.com/TaxAct25 to get started today.
1Offers are valid 12/15/23-10/31/24 at 11:59 pm CST. Discount is valid for 25% off TY23 online consumer state and federal 1040 returns, eFile, Audit Defense, Refund Transfer. Discount will be applied to actual prices, which are subject to change and determined at the time of purchase and may not be combined with other offers. Additional fees apply for ancillary products. Offer applies only to AAA members and prospective members who go to TaxAct.com using a link provided directly by AAA to create a new return. Add sales tax for applicable orders.
