’Tis the season! If you just did a double take at that sentence and think we didn’t get the memo that the holidays are over, then you may not be as prepared as you should be for tax season. A lot of people think that taxes are something we worry about in April, but the time to start preparing for it is now.
The deadline to file your taxes is on April 15, 2019, according to the IRS (Residents of Massachusetts and Maine have until April 17 due to state holidays). But you can save money and stress less by getting ready now. At Storage Quarters, we know how important this time of the year is because we’re experts in records management. We want to help you start 2019 by getting you ready for tax season.
Preparing for Taxes Right Now
You can’t actually file your taxes until you receive your W-2 forms from your employer. That should happen around the end of the month, but this is the time to start thinking about what other forms you may need. Two forms you no longer can use are the 1040A and the 1040EZ, which have been discontinued. All taxpayers need to file Form 1040.
The Motley Fool points out that you can save money by getting some documents together right now. You want to be able to document charitable donations. Get a written document acknowledging your donation and get your tax identification numbers. Also, get tax IDs from any child care providers if you're going to claim a child and dependent care tax credit. Additionally, it’s time to gather any receipts you may have to document any deductions you might take.
Make Filing Taxes Easier In 2019
There are also some other steps you can take that can help make your life easier or lower your tax burden. Nerd Wallet reminds you that many people who are required to file quarterly estimated taxes because they aren’t subject to payroll withholding taxes must file their first quarter estimate by January 15, 2019. You have until the April deadline to open or contribute to or open an IRA account. If you have a high deductible health plan, you should know that you have until the April 15 deadline to contribute to that account in order to save on paying your taxes and on your out-of-pocket health care costs.
Choose How to Prepare Your Taxes
Think about the basics, USA Today suggests you review and revise your W4 form if you’ve lost or added any family members in the past year. Figure out how you’re going to prepare your taxes. Are you going to do it yourself or are you hiring a professional tax preparer? Do you know every deduction you’re going to take? Are you taking the standard deduction, or do you plan to itemize? The more preparation you make; the more money you’ll save.
Storage Quarters Can Help You Keep Your Tax Documents Organized
If you’re getting a handle on 2019 tax season and you’re having difficulty getting a handle on your documents, Storage Quarters can help. We offer scanning services that can convert your records and documents into digital files and we offer next day delivery. We offer document shredding services as well, and we’ll give you a certificate of destruction so you can document what records you have and what you don’t. To learn more, contact us today.