It’s Tax Time.
The IRS has set April 17th as this year’s deadline to submit 2017 tax returns, and if you’re anything like me, you’ll put it off until early April. My first year out of college, I called my parents in a panic, days before tax due date. There’s nothing like a looming IRS deadline to remind yourself that you’re not completely independent from your parents just yet. But it doesn’t have to be this way. Doing your taxes can actually be fun manageable!
We sat down with our friends at HR Block to learn from the experts – here are their answers to our top questions. Take a look at our Tax Prep Shop as well!
What’s the first thing I should do before getting started on my taxes?
Gather all your tax documents in one place. You’ll receive important tax documents from your employer, like a W-2 or 1099, as well as others from financial institutions and brokers. But you’ll also want to collect the miscellaneous items, such as business receipts, investment documents, and other materials received throughout the year.
When should I get started on my taxes?
Start early. Typically, filing taxes takes longer than anticipated, and starting early helps ensure you don’t get the mega Sunday Scaries on April 15th. But more practically, the sooner you file, the sooner you can receive your refund check! Hello PS4! (or similar splurge-worthy item).
Should I file my own taxes?
It depends on the complexity of your return. A simple tax situation consisting of only wage income can typically be done quickly and utilize few resources. If you have multiple sources and types of income and multiple deductions, you might want to consider assistance. Ultimately, it depends on your personal situation and preference.
What are the benefits of filing with a service like H&R Block?
There are several advantages in addition to the overarching maximum refund guarantee. You have access to a step-by-step Q&A and guidance on more than 350 credits and deductions, so you know you’ll have assistance each step of the way. Moreover, you have access to an Accuracy Review, which checks for issues and assesses your audit risk.
If all else fails, you can always file for an extension through October 15th, and then it’s an issue for future you to deal with.