Tax Day preparation, what you need to know before April 18th
With Tax Day coming up there are several things to remember when filing taxes. When it comes to reporting your income of course looking over the pay stub is an essential part. However, financial consultation is sometimes needed with the everchanging landscape of paying taxes.
George Haddad, the owner of Income Tax and Consultations, gave some helpful financial advice. “If you’re going to be a first time tax filer, sit down with an accountant. They can help calculate it out for you to make sure you’re not going to be short.” Haddad said. “The most important thing I can say is take a look at your current paycheck stub. If you’re going to be receiving bonuses or raises, revisit it again and revisit it again. I’ve got clients that come in at least a minimum, two times a year or even three times a year. We take a look at it probably rate around the latest time is September.”
Haddad also had some insight for newlyweds as to whether or not they should file their taxes jointly or separately. “If you get married on December 31st, you’re considered married for the whole year. So therefore, if you’re going to be filing jointly, you both want to sit down and at least forecast what you’re going to be doing for that year. Take into account both incomes and then again you go back and estimate your taxes again. Just to make sure that at the end of the year that both of you have enough income withheld.” Haddad said.
However, if you are having trouble filing your taxes, Haddad said you can try using tax preparation resources. “When you see your net home net take home pay is enough to take care of your budget. Well, then you’re doing something right. For me as a tax practitioner, the most important thing I can do is to make sure that when they come in here and do their taxes, so that they’re even at the end of the year.” Haddad said.
For more information on Tax Day you can look more here. For another story about you can look here.