Right now, you\u2019re probably so caught up in the holiday hoopla that you haven\u2019t even thought about your taxes.\u00a0 But the more you plan ahead for the season, the less stressful filing will be, so don\u2019t wait until January to get started.\u00a0 Here are some things you can do now that will make doing your taxes easier.<\/p>\r\n\r\n\r\n\r\n
Holding on to the right receipts can translate into tax savings.\u00a0 Research what the IRS<\/a> considers deductible expenses and gather any receipts that fit the bill.\u00a0 Common expenses include mortgage interest, medical and dental expenses that exceed 7.5% of your adjusted gross income, and property tax. Since this is the season of giving, it’s also worth noting that you can write off your gifts to charity, if you itemize.<\/p>\r\n\r\n\r\n\r\n Most people change their names at least once in their lives.\u00a0 Typically, it\u2019s because they got married, divorced, or hate the one they were given at birth.\u00a0 Regardless of the reason, all legal name changes must be reported to the Social Security Administration (SSA)<\/a>.\u00a0 This will allow them to update their records, send you a new social security card and make sure you get any earnings you deserve.\u00a0 If you try to use your new name on your tax return without reporting it to SSA, your return will be rejected.\u00a0 Apply early because it can take weeks to be processed which may delay your tax refund.<\/p>\r\n\r\n\r\n\r\n Some people don\u2019t realize that unemployment compensation is taxable until it\u2019s too late.\u00a0 The best thing to do is have federal taxes withheld from your income or make quarterly estimated tax payments.\u00a0 In case you didn\u2019t know, refund interest, virtual currencies<\/a> and income from the gig economy<\/a> is also taxable.<\/p>\r\n\r\n\r\n\r\n If you owed the IRS or rather take home a bigger paycheck during the year, consider adjusting your withholding.\u00a0 Use a withholding calculator to determine the best way to update your W-4<\/a> so you have the right amount of taxes withheld from your pay.\u00a0 Then submit your new W-4 to your employer.<\/p>\r\n\r\n\r\n\r\n The fastest way to get your refund is to have it direct deposited<\/a> into your bank account.\u00a0 Direct deposit is also safer and more convenient than waiting for a paper check.\u00a0 If you\u2019re one of the 5.9 million Americans who are unbanked, now might be the perfect time to open an account with an FDIC-insured bank or credit union.\u00a0 Before opening a checking account, make sure they charge no monthly fees, low or no overdraft fees and have nearby ATMs.\u00a0 If you prefer a savings account, choose one that has no monthly fees and offers a high interest rate.<\/p>\r\n\r\n\r\n\r\n When you use ezTaxReturn, doing your taxes is fast, easy and stress-free.\u00a0 Plus, you\u2019ll get the biggest possible refund, guaranteed.\u00a0 Pre-register now<\/a> to get our best discount when you file.<\/p>\r\n\r\n\r\n\r\nReport any legal name changes to the Social Security Administration<\/strong><\/h2>\r\n\r\n\r\n\r\n
Be aware that most income is taxable<\/strong><\/h2>\r\n\r\n\r\n\r\n
Consider adjusting your withholding<\/strong><\/h2>\r\n\r\n\r\n\r\n
Open a bank account if you don\u2019t already have one<\/strong><\/h2>\r\n\r\n\r\n\r\n
Pre-register with ezTaxReturn<\/strong><\/h2>\r\n\r\n\r\n\r\n