Tax Season. It’s a phrase that can make all of us feel a little stressed. But we’re here to help you figure out everything you can now, in hopes of making the process a bit smoother this year.
Keep everything in one place.
One of the first things you can do to prepare, even months in advance, is to assign a folder or box to store all your necessary materials. Tax forms you receive in the mail, mortgage or renter’s info, dependent care costs and receipts, ID cards for you and any dependents, etc. Basically, everything and anything that will help tell the story of your finances. Also, don’t forget about donations. It turns out, what goes around does come around. If you drop off food at a pantry or gently used clothes at a thrift store, ask for a receipt. These receipts might be able to be deducted. As like most things in life, staying as organized as possible will help make your filing experience (or your tax agent’s) much easier.
Find the forms that are right for you.
A key step in filing taxes is getting the right documentation. But with over 900 different tax forms out there, the choice can seem a bit daunting. Thankfully, there are plenty of resources available. Nerdwallet has a terrific list of forms by category, so you can pinpoint the right forms for your unique financial situation.
Have any big deductions this year?
Important life events can have a big impact on your tax bills and returns, so be sure to mention them either on your tax forms or to your tax preparer. Some examples include getting married, buying a house, having children, medical expenses, looking for work and starting college.
Choose the best way to file your taxes.
After you’ve collected all your materials, it’s time to consider how you’ll go about actually preparing and filing your taxes. Filing them yourself with a software program is cost effective and will give you financial insight. However, it can also be time-consuming and because you’re human, there’s always the chance of making an error. Hiring an accountant or tax preparation service may cost a bit more money, but it might offer peace of mind that your taxes are being filed correctly and that you’re getting the biggest return possible, if applicable.
Since 1999, World Finance has served customers by offering quick and affordable tax returns. You can schedule an appointment via our website or by calling your local branch. File your taxes with us before April 15th, 2021 and you could walk out with a Refund Advance Loan of up to $5,000* at 0% interest.
Like any other deadline, waiting until the last minute to file your taxes can result in unnecessary panic and pressure. Taking the time to organize your materials and research your options can help take some of the stress out of tax season so you can get back to the good things in life.
*Get up to $5,000 at 0% interest. The 0% interest Refund Advance Loan is exclusive to World Finance Tax Refund Customers and is offered to qualified individuals with no fees or interest in connection with the product. Tax filing through World Finance is required to qualify. Tax returns are filed directly with the IRS through Tax Tech, Inc., a third-party provider. Other restrictions may apply. All products are subject to approval, terms and conditions. Valid from open of Federal E-file January 2021, exact date TBD, to April 15, 2021. See branch for details.