The new year is officially underway and pretty soon you’ll be asked to square up with Uncle Sam. With so many people setting financial resolutions, we are stretching your dollar with what you can be doing to set yourself up for success this tax season.
2020 has begun and it’s time to get started on those resolutions! If getting your finances in order this new year is on your list, Heather Watts with H&R Block says starting with your tax paperwork will only set you up for success when it comes time to file.
“Start thinking about where you may have tax information or tax documents. Start tracking down where you’ve shoved those receipts and start thinking about any charitable donations you made over the year and start tracking down those payments.”
Did you use a tax preparer last year? It may be time to get back in touch and ensure you didn’t leave any tax credits on the table last year or you may also choose to file for free this year.
“Make sure you’re not distracted when you sit down to do your own taxes.”
Pay close attention whether you’ll be filing your own or having someone do it for you. Be sure to properly organize your invoices, receipts, and records before you do as the type of expense can save you money.
Some things are 100 percent deductible, while others are not.
One question you may want to ask yourself and a tax professional is whether you can claim a “Home office deduction.” The rules for eligibility when it comes to a home office have actually loosened in recent years.