The Day Before You File Your Taxes

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On the day before you file your taxes, the federal government gave to meee… (sing this with on the 12th days of Xmast tune and you’ll remember this)

Nothing.

The federal government doesn’t want to give you anything and instead prefers that you pay of course. Therefore, it is up to you to make sure that you have planned for your taxes correctly and that you are not owing them anything.

But a day before you file your taxes, what can you do?

  1. See if contributing to your IRA/RothIRA will help you reduce your tax bracket

  2. Review all your records, and make sure you have all the corresponding back up and correct statements

  3. See if you will be able to get a slot to see a tax preparer (it might not be the case, but you never know)

  4. If your are doing it yourself, make sure that you review and answer correctly every tax form and question before submitting your taxes

  5. If you don’t have one already, open up a saving accounts with a high interest yield percentage and include that routing number and bank account within your tax forms. This will ensuret hat any refunds will be deposited to an account that will help you not use it (because its out of sight, out of mind)

  6. 📌File an extension. An extension will provide you with the ability to file until October 2019 at no cost to you. It will provide you with additional time to gather all the information you need to make sure that you get your maximum return.

    📌One thing to remember, if you owed last year and think you may have to owe again this year, then keep in mind that you will still need to pay the amount but IRS will charge you interest for everyday that is late. So try your best to do the taxes as soon as possible from the extension (or if you can avoid it all together). 

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