Monday, April 14, 2008

Tax Deadline Approaching

Tomorrow is the last day to take care of what many people consider to be a hassle...taxes. However, tax time doesn't have to be a time to dread. It can be an easy and relatively painless process if you follow these few steps.

1) Be Organized throughout the Year. -- Don't wait until April 14th to try and pull everything together to complete your taxes yourself or for your CPA. It won't go well. Instead, track and monitor the items you will deduct throughout the year so that at tax time you will be ready with the information and amounts for your 1040.

2) Consult a Tax Professional -- If you don't know what you are doing or are feeling overwhelmed. Ask around and find someone you can trust. CPA's (Certified Public Accountants) can guide you through the process and even take care of your taxes in less than an hour. Sure it might cost a little bit, but if you are due a refund, then consider it paid through those funds. Plus, the time and headache of figuring it out on your own will be minimal. There are many resources for finding a tax professional. Search Accountant's World.

3) Research Tax Tips Online. -- MSN Money and Turbo Tax are two sites that you can use for any minor questions. If you understand most of the tax information you will need, then you can look up some other tips or even use Turbo Tax to help file your taxes.

4) Promise to do Better for Next Year, Today -- If you are reading this and you still haven't completed your taxes or filed your extension for 2007, plan to take care of your taxes earlier. Saving stress by planning ahead is always a good way to go.

Remember, taxes come every year and the more moving parts you have as it relates to income, i.e. Self-Employed, Commissions with no taxes (1099-R), Personal Business, Capital Gains, etc. the more you may need to find a local CPA that may be able to help organize and help with your taxes. It may be the best hour you spend to find out the best way to manage yourself through the rest of this year.

Good luck with 2007 and set a goal to make 2008 better. Have a great week.

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