News alert, there are 240 days till your tax are due. I know for many individuals this comes as a shocker that taxes are due April 15th, 2020. Instead of being unprepared for this annual event lets use this time to be prepared. I challenge you to create a plan for organizing your financial life so that tax time is not a surprise. Never in life should you be shocked that you owe taxes or are getting a refund, this can always be predicted.
In order to be prepared for tax season, I would like you to download a money management software such as https://www.quicken.com/compare. There are many other Softwares out there, but this is the one that I actually use. I would suggest the premium version as this subscription benefits most of my readers. Take your time to set up your bank accounts and learn to categorize your transactions. There are video tutorials that assist in learning this process which I suggest be used. This will ensure that you are able to capture all the tax-deductible places that you spend your income.
With 240 days till taxes are due you will be able to learn the software, how to categorize tax-deductible items, and will be prepared for the upcoming tax season. I also suggest working with a tax professional. Many individuals do not see the need for them but I fully disagree. Tax professionals are able to look at your whole financial situation and determine how you can restructure financial items in which to take the full deduction that the government has afforded you. Many times I have seen clients spend $600.00, and in turn, were able to save $3,000.00 in taxes. This sounds like a great utilization of your resources. Take the time now and be prepared for this upcoming tax-filing season and put your mind at ease.
