‘Tis The Season: TAX SEASON

It comes around quicker than I’d like every year —it’s tax season. I am by no means an expert, but I do learn something new every year filing! Here’s a few of my tips for you to apply this upcoming tax season. 

1. Hire a Professional
   My number one word of advice is hire a professional! It is worth the piece of mind if not anything else. I have been using a CPA since before I was out on my own and it’s the only way I’ve survived tax season.

2. Get Organized
   Keeping track of income coming in from different sources, saving receipts for every business expense, while maintaining a clientele can be very overwhelming. Get organized and stay organized! Keeping good, clear, precise records will make your life easier. Use a software or keep hard copies in a file folder—whatever works best for you!

3. Claim your Cash!
   Receiving cash is part of the job and it can be tempting to pocket it and never claim it, but don’t do it! Claim your cash so your income is accurate and when you want to open credit you’ll have sufficient funds (for example, buying a house, more income=more house).

4. Pay Quarterly
   This one goes with the first tip, so consult with your accountant! This is just what has worked for me! If I’m going to have to pay a lump sum I’d rather it be broken up into four payments! It keeps me on track and feeling more prepared come April 15th.

5. Don’t Guess
   It’s okay to be confused or overwhelmed! I know I feel very lost in the world of taxes and all the lingo. Don’t feel like you have to know everything. It’s always best to ask questions, do research, and double check everything! Again— just hire a professional, save yourself a headache, and relax (until next year)!