Just like Sweethearts, our tax tips are back! Did you miss them? Or did you even realize those candy hearts had gone in the first place?
Sadly, it’s true. The company that makes the pastel hearts with romantic and flirty sayings shuttered back in 2018, but after a completely heart-less 2019, the candy has been revived just in time for Valentine’s Day 2020.
If Edge Financial had a valentine this year, it would have to be tax preparation. We just love everything about it! And even though you may not feel the same way about filing your taxes as we do, we want to rekindle your love of getting your taxes done with some helpful tax tips.
So we thought we’d have a little bit of fun for Valentine’s Day and try to present some classic candy hearts messages as tax tips. We’ll present a classic Sweetheart message followed by the tax tip we really feel it embodies, and finally, how it can help you this tax season.
Tax Tip: In the eyes of the IRS, your taxes are your responsibility alone.
Just like everyone’s financial journey is unique to their experience, the same holds true for taxes. Between your filing status, your income, your investments, and the tax deductions and tax credits you qualify for, your tax return is a very personal and individual thing.
The IRS views it that way, too. And that brings serious responsibility during tax season to ensure your tax return is accurate and error-free. Double and triple checking never hurt anyone! (Oh, and it doesn’t matter if you’ve hired a tax preparer to file your taxes on your behalf; you’ll still be on the hook should the IRS determine to audit you. So do the research and ensure your tax preparer is willing to defend audits for their tax prep clients.)
Tax Tip: For joint returns, both spouses should be involved in the tax filing process.
When you file an individual return, the responsibility falls solely on you. But when you’re married filing jointly, you share the responsibility with your spouse. And you share any audits, late penalties, and tax debt.
It’s common in many households for one person to handle the finances, balance the checkbook, and file the tax return. That system works for a lot of people, but it also invites potential for greater errors. Instead, try sharing responsibility for the taxes. Discuss your taxes together first, then after one spouse prepares the tax return, the other comes in to double-check and ask any questions that pop up before filing!
Tax Tip: Tax season can drive you crazy, but it doesn’t have to.
Tax season is a marathon, not a sprint. But unfortunately, rather than setting aside a few hours in early February to get organized and another few in early March to file, many taxpayers wait until it’s two days before the tax filing deadline to get started. That’s just asking for errors and possibly even penalties for missing the tax deadline!
Give yourself the best possible chance during tax season by filing your taxes early. If you’re worried you don’t have time in your schedule to get them filed in one night, break the process down into steps. A couple hours here and there add up.
Tax Tip: Taxes are hard work, and you deserve to celebrate.
We love filing taxes, but we know most taxpayers are quite the opposite. The process requires sorting through forms, filling out other forms, some good old-fashioned math, and a whole lot of squinting. Multiply that whole process by ten if you file last minute.
If you’ve filed your taxes, you deserve to celebrate. And if you’ve broken down your taxes into steps and completed one step, you deserve to celebrate. Reframe how you think about filing your taxes and give yourself a pat on the back for the hard work you’ve done. You deserve it.
Tax Tip: If you have questions about your taxes, you should enlist help.
Everyone may have to file taxes, but taxes aren’t for everyone. They can raise complex questions about your finances, require some sleuthing to find the right deductions, and make you think about obscure tax codes until you’re red in the face.
If you have questions about your taxes, it’s better to ask for help than to go it alone. Hire an expert tax preparation service early and give yourself the gift of time during tax season. You never have to go it alone.
We believe in love at first sight at Edge Financial. From the very first moment we saw a perfectly completed tax return, we knew that it was meant to be! Hopefully, these tax tips have helped you rekindle your love for your taxes. Or at very least your love for Valentine’s candy.
And if not, we’re only a message away.