Resource published Fri, Jun 02, 2017 at 03:54AM UTC edited Fri, Jun 02, 2017 at 03:54AM UTC
Southbourne Tax Group Review How to Handle Tax-Time Stress as a Millennial Edit Title
Filing your taxes as a millennial can be a bit of a burden to you since you have a lot of financial responsibilities topped with student loans as well as some investments and side hustling. Southbourne Tax Group aims to guide anyone especially millennials who needs help in their taxes with the following tax-guide.
Not just Southbourne Group, but even experts find it important to contribute on your 401(K) plan while you’re still young to save on taxes and to invest for your retirement as well.
Deadline: “The greatest inspiration is the deadline” Indeed, especially when filing your taxes. You can file your taxes completely, request for an extension or ask for a payment loan. Never miss the deadline or else you will face some penalties, interest and late fees. Pass a proper extension notice in case of unexpected incidents.
Tax software: Getting the right software can help you file your taxes with some ease, especially if your tax condition is simple. Individuals with $64,000 or less income will have free software offered by the IRS.
Side hustle: Expenses involved in your side hustle can be deducted on your tax return. Such expenses could include equipment or supplies. This way, your taxable income can be reduced.
Education tax savings: Most of this is tax deductible so it would be better to maximize them. You may follow the prompts provided by your tax software or get the help of a tax expert for further important information regarding this. Enumerate all your expenses included in your higher education to identify where you are qualified for.
Saver’s credit: It is specially offered by the IRS to motivate people to put money in a retirement account. During each end of the year, you can expect a less on your tax bill with this. The amount you’re qualified for will be based on your adjusted gross income.
Job-hunting costs: Looking for a new job includes some expenses and such costs can be deducted (in case it is in your career field).
Calculations: Performing a careful and thorough calculation is vital in filing your taxes. Remember that even a small miscalculation can give you a lot of stress and of course, huge mistakes. There are also other ways that could help you ensure the accuracy of your tax information and one of which is the built-in features of a DIY tax program.
Dedicate that specific date in your calendar where you will be spending the day preparing all you need in filing your taxes. You can manage tax-time stress by being able to plan everything properly before the deadline and don’t forget to organize your papers and things.
Southbourne Group doesn’t want you to stress yourself out and as a millennial having a lot to think of, taxes should be something you can handle.
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