Tips to Tackle Taxes this Season
No matter your role—teacher, nurse, or entrepreneur— tax season is something we all share. Tackling it early can bring peace of mind and help you feel more grounded and in control—so you can focus on what matters most. Here are some tips for successfully filing this year.
Get organized.
Since everyone’s financial situation is different, determining which tax forms best suit your situation is the first step. Visit irs.gov or consult a professional if you’re not sure what forms to use. Once you receive your W-2 from your employer, you can begin filling out your tax forms. Don’t forget to include any property or real estate documentation, proof of donations, and receipts for business, medical, or education expenses.
Determine your filing status.
If you’ve experienced any life changes from the previous year such as adding or losing any family members, ask your employer if you can review your W-2.
File yourself or get help.
There are plenty of options when it comes to filing your taxes. You can file for free using IRS e-file, or be walked through them online in a step-by-step process with H&R Block or Turbo Tax.
And for those that prefer in-person guidance, be sure to consult a professional who is up-to-date on tax codes and laws.
Check your deductions.
Bought a house? Got married? Had a baby? These are examples of major life events that entitle you to deductions. Research all possible deductions to avoid overpaying on your taxes.
Check your tax credits.
The Working Families Tax Credit is an annual tax refund for Washington state residents. Depending on your income and how many qualifying children live in your household, it may be worth up to $1,200. Those who use an Individual Taxpayer Identification Number (ITIN) are eligible for this payment. Learn more at wataxcredit.org
Choose between itemized and standard deductions.
Depending on what type of work you do and your financial situation, you may need to do itemized deductions, where you get credits for everything you’ve spent, rather than taking the standard deduction as dictated by your filing status. If you need to know more, consult a professional.
Track all charitable donations.
Donations are tax-deductible. Make sure to keep track of all monthly or one-off donation expenses that you can deduct from your taxes.
Remember it can end up costing you more money if you overlook a credit or deduction you are entitled to. This is why doing your research beforehand and consulting a professional can save you time and money in the long run.
