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Monday, January 30, 2012

It's Tax Time Again

It is that time of year again, time to prepare our taxes. Tax season can be a stressful time for a lot of people. I have to say that the best thing to do is file as soon as you can. This is true for those receiving a refund, or whom have to pay. Filing your taxes as soon as you can will release the stresses associated with tax season.

Other Financial Tips for Tax Season:

  • Avoid using your tax refund for large expensive items, catch up on your other bills before spending your refund on things that you do not necessarily need.
  • Put a portion of your refund into savings for future expenses. We usually have expenses that occur during the year that we wished we had the money for, or that takes a cut out of money for something else. If you put even a small amount up for these expenses you will be happy you did. 
  • If you are doing online filing be sure to find one that is free, or the most inexpensive you can find for your situation. You should also look at a couple of different sites. My refund varied $200 to $300 last year on two or three different sites.
  • If you are self employed or have  reasons that you may owe the IRS be sure to consult an tax professional. You may not want to pay the fee, but it may save you more money than you spend. A Tax professional can make sure that you can get all of the deductions possible.

Most of us tend to think of a tax refund as free money, but it honestly isn't. We have actually worked for that money, and we need to use it wisely just as we would our income that we receive every month. Learn to be smart with your money, you will be so happy that you did.

Direct Sales Tax Deductions