A lot of us moan about taxes – it’s a task we all have to handle. Especially during tax season, we might be tempted to put it off, but this can cause a lot of unnecessary stress. It’s really not a good idea. If you need more tax info, look up IPVA 2018.
Procrastinating on important tasks like taxes just adds extra stress. Maybe you don’t normally put things off; life just got busy and taxes fell by the wayside. Whatever the reason, taxes still need to be done. Don’t stress if you’re behind or if you’re a foreigner; there are ways to handle it, like the foreign earned income exclusion.
Here are some tips to help you stay on track with your taxes and avoid a last-minute rush:
1. Consider an extension: If you’re pressed for time, think about requesting an extension. This gives you an extra six months to file without penalties. Remember, you still need to pay your taxes on time. Use the Profit and Loss form to estimate what you owe.
2. Set up a payment plan: If you can’t pay your taxes in full, don’t panic. There are options available. You can arrange a short-term payment plan, or if you’re facing financial difficulties, you could get a payment extension, giving you up to a year to pay. Estimate your taxes so you know what’s due and can plan ahead.
3. Hire a professional: If your finances are complex with multiple income sources, it’s a good idea to get a professional’s help. Taxes can be tricky, but an experienced expert can make the process easier and less stressful.
4. Gather your documents: Before starting, collect all needed paperwork. This includes W2s and 1099s for income, plus receipts for deductions or expenses like medical bills, childcare, and charitable donations.
5. Get started: The earlier you begin, the less anxiety you’ll feel. Make sure to file your taxes by April 18th each year. You can do it online or through the mail.
Getting a head start and staying organized can help make tax season a lot less stressful.