With 2018 just around the corner, tax season will be here before you know it. While April 15 is a dreadful day for many Americans, it doesn't have to be that way if you think ahead and prepare your taxes now.
Here are eight ways to prepare your taxes now for next year.
Do you plan on filing taxes on your own or paying a professional to do it? Do you owe taxes for this year or past years? Have you gotten married or had a child? These are all questions that should be asked to help you prepare your taxes now.
If you are an independent contractor or self-employed, there are a few more questions you should ask yourself as far as your business is concerned as well. Do you have any employees? Did you put mileage on your car because of your business? These are just a few of the questions to ask to make sure you are getting ahead of the game.
Know How You Will File
Are you single, married, or filing jointly? Do you have any dependents? Knowing how you will file can make filing a lot easier when the time comes. You will know how much to withhold from your paychecks based on your allowances.
You'll also roughly know how many deductions you qualify for based on members in your household. ...continue reading