Tax season is a very stressful time for many people. The numerous details and requirements required can be overwhelming. This makes it difficult to develop filing strategies and think clearly about your finances and taxes. Fortunately, there are many resources to help you cope. Here we will discuss 8 resources to help you through this tax season.
1. IRS Publications
The IRS offers an extensive library of publications to assist you with your tax filing preparations. All the publications are available online and downloadable for free. There is a large selection of PDFs and other hard-copy documents. You can find publications about every issue you must deal with during tax season. Just look up the topics you need in the glossary on the IRS Publications web pages.
2. The Directory of Federal Tax Return Preparers
The Directory of Federal Tax Return Preparers provides information on the qualifications, education, experience, and areas of specialty of tax professionals who prepare tax returns. The website also contains a list of their names and telephone numbers so you can contact them directly if there are questions or concerns. This directory is not a referral service. The IRS does not recommend or endorse any specific tax preparer. Research before employing one.
3. Crypto Donations
Cryptocurrencies have become popular alternatives to paper currency. This new technology can also be used to minimize your tax liability. Crypto tax breaks include deductions for losses, donations, and the use of virtual currencies as a form of payment. You can offset some of your capital gains taxes by donating the currency to those in need or using the virtual currency to pay your taxes. The Non-profit sector has benefited from cryptocurrencies as an alternative to donations. Crypto-based donation platforms allow users to make donations, sell their crypto assets, or exchange them for cash.
4. Tax Software
A tax software package can help reduce the effort required to file taxes. It will automatically import your data and help you organize the paperwork to be completed. You can also create and maintain a filing calendar for tax season to ensure that all required documents are completed.
5. IRS2GO App
The IRS2GO is available for free in both Apple and Android stores. This application provides access to common IRS forms, tax information, and guidelines on filing your returns properly. This application may only be able to accommodate some tax requirements, so it is still important to complete the paperwork and then use the IRS2GO app as a guide. To get started, download the app on your phone and register for an account. You can complete the IRS forms in this app by scanning them or manually inputting them.
6. Tax Professionals
A tax professional can assist you with your tax filing obligations. They can help you complete your paperwork and provide advice on how to file your returns. This will save you time and remove the need for guesswork. A dedicated professional will ensure that all forms are completed correctly and filed on time. They can be especially helpful for those new to filing their taxes or may have more complex needs, such as those who own businesses or have investment portfolios. Look for a professional that has a background in tax preparation, holds credentials, and is trustworthy.
7. QuickBooks Self-Employed
QuickBooks Self-Employed is an all-inclusive bookkeeping app that can help you track your earnings and expenses. This application is available on both Apple’s App Store and the Google Play Store. Users can access their data to compare their earnings, expenses, and net profit. It also features a barcode scanner to create invoices, sync your business bank accounts, track mileage, and more. The app also offers a robust set of features to help your business operate more efficiently, including the ability to create estimates, retain time records, and use invoices.
8. Google Sheets
Google Sheets is a spreadsheet available through Google Drive. This application allows you to create and organize spreadsheets by entering data into individual cells. You can then merge multiple spreadsheets or split the data by specific criteria within the spreadsheet. This application is free and can be accessed through any internet-capable device. The interface is intuitive, simple, and easy to use. It can be helpful for those new to using spreadsheets.
Tax liability is a big issue for many people, but you can minimize it if you plan accordingly. Keep accurate records and documents. Get a tax professional involved when necessary. The government also provides many resources to help you better understand your filing options.
