The Tax Benefit

I am an avid DIY advocate on many things with the exception of my taxes. With the extended 17th of May filing deadline (usually 15th of April) around the corner, (see tax season) I am dusting off my folder containing all things taxes to be presented to my tax lady! Life events have transformed my finances from a simple single person filing to a somewhat complex filing endeavor. Before getting started on them she has a checklist to get me organized. It takes the guess work out so we don't leave anything on the table and she doesn't have to call to request any potential items I might have missed.

The Takeaway:

1. Get a checklist - Work with your tax professional to tailor it to your unique tax situation.

2. Get help to avoid mistakes that could potentially cost you down the road. Things that make your taxes complex include: home ownership, self employment, investments and donations to name a few.

3. Automate where you can- by this I mean have things like 1099s sent directly to your tax person (yes- you can request this from your broker)

4. Even if you choose to stay with DIY software, occasionally employ a professional tax person to review your taxes as laws are updated.- see crypto currency investing.