4 ways to make taxes easier
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Another tax season has come and gone. If completing your taxes was more stressful than a root canal, Numerica is here to help with some tips to reduce stress and help you live well.
Keep your tax documents in one central place.
Instead of organizing by category, create one area to save your tax documents. This saves a game of hide-and-seek when it comes to finding your documents.
Max out retirement accounts.
Some retirement accounts and SIMPLE IRA contributions lower your adjusted gross income, potentially putting you in a lower tax bracket. For some retirement accounts, you can make contributions until April of the following year.
Get rid of the old and make way for the new.
A good rule of thumb is to keep supporting tax documents for seven years. This rule applies to documents like W-2 and 1099 forms, tuition payments and charitable donation receipts.
Research deductions and credits now.
Take a look at your exemptions on your W-2’s or see about deducting the interest on your student loans. Charitable contributions are also a wonderful way to help the community (and your pocket book) thrive. Whether you give a donation at an event or for a campaign, there are many ways to donate.
Avoid the stress of year-end donations and opt to give monthly. This allows you to budget donations every month and gives the non-profit a steady source of revenue they can really count on.