Student loans, some investments, side hustles, etc., as a millennial, you have a lot of financial responsibilities to consider. Southbourne Group aims to provide ample guidance in handling taxes and filing them with the following.
Don’t miss the deadline. Be in control and organized, thus prepare everything beforehand. You may completely file your taxes, or request for an extension or payment loan. Missed the deadline without giving proper notifications? Then expect penalties, interest, and late fees.
Don’t ignore the use of the right tax software. Software can greatly help a millennial in filing his taxes. Individuals with $64,000 or less income were offered with free software by the IRS.
Don’t forget about your side hustle expenses. The costs of equipment or supplies used in your side hustle can be deducted on your tax return, reducing your taxable income.
Don’t disregard education tax savings. Learn to maximize it because it is mostly tax deductible. Tax software had prompts that can provide some help, but in case you need further professional help, contact a tax expert. List down all your higher education expenses to know the ones you’re qualified for.
Don’t shrug your shoulders on saver’s credit. To motivate people to put their money on a retirement account, IRS offers saver’s credit that can reduce your tax bill at the end of the year. Your adjusted gross income is the basis of the amount you are qualified for.
Don’t overlook your job search expenses. Why? Because such expenses are tax deductible, just make sure it is in your current career field.
Don’t do calculations in a hurry. It needs your entire focus and concentration to steer clear from having errors. DIY tax program has also built-in features that can help you ensure the accuracy of your tax information. Such can greatly help you in filing your taxes.
Don’t rush and do everything on the day of the deadline. Set up everything in advance as per advised by Southbourne Tax Group. Dedicate a day for you to prepare all you need in filing your taxes way ahead before the deadline.
Mentioned above are not hard to follow, right? Southbourne Group can give you a thorough discussion of each, just give them a call and they will always be ready to help you in your taxes.