4 Tips to Prepare for Tax Filing Season
Now that the holiday season is over, and you’ve identified your New Year’s resolutions, it’s time to turn your attention to the most exciting subject on everyone’s mind – Yes, the tax season is officially here.
If you haven’t already, now is the time to get prepared. Whether you meet with a tax professional or prepare your taxes yourself, proper planning can help the process go more smoothly and may reduce the risk of costly errors. While amending prior returns may be to your benefit, it’s far more beneficial to get it right from the start.
Just about everyone does tax preparation, yes?
But not too many people do tax planning.
I’m a Financial Planner, and I See People Make 4 Expensive Mistakes on Their Taxes All The Time
Strategizing around taxes is a huge part of financial planning. How much you pay (or don’t) in taxes has the potential to shift what’s possible in your overall plan.
When it comes to your taxes, making mistakes can mean losing money. Thankfully for my financial planning clients, I catch some common missteps before they are made — that’s one of the benefits of working with a certified financial planner.
Save on Child Care Costs for 2023: Dependent Care FSA vs. Dependent Care Tax Credit
For those with young children, the cost of childcare can feel astronomical. When both of my sons were in daycare, our family spent well over twice as much for childcare each month than we did on our mortgage, an all too common phenomenon in the United States. Fortunately, the federal government recognized that the high cost of childcare can be burdensome for families and a drag on the economy, and created several ways to offset a portion of childcare expenses – including Dependent Care Flexible Spending Accounts (DCFSA) and the Dependent Care Tax Credit.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.