Tax Time is Now, Not April
Happy leap year, everyone. Use that extra day in February to get your taxes done. All your paperwork should come in this month and getting your taxes done early will help you get your refund earlier, or give you more time to plan and/or double check if you have to pay.
I’d also suggest checking out the freefile option on irs.gov. For most of us, a paid tax preparer is an unnecessary expense(, but it's okay to use one if you've had a complicated year). Most of the freefile websites will walk you through the process step by step.
When you free file, I recommend taking the direct deposit option to get your refund more quickly.
Remember our 5 priorities for unexpected income.
Priority 1: Needs
Priority 2: Small Debts
Priority 3: Emergency Fund
Priority 4: Large Debts
Priority 5: Big Dreams and Entertainment
For me this year, most of my refund will be going to a phone upgrade, which is a situational necessity for my business (Priority 1 & 2…I already have the phone and this will allow me to pay it off early). I need a better camera and a video camera for projects, and means to use a square reader so I can take credit cards at events. The rest will go towards rebuilding my emergency fund.
Do you have a plan for your refund?
I’d also suggest checking out the freefile option on irs.gov. For most of us, a paid tax preparer is an unnecessary expense(, but it's okay to use one if you've had a complicated year). Most of the freefile websites will walk you through the process step by step.
When you free file, I recommend taking the direct deposit option to get your refund more quickly.
Remember our 5 priorities for unexpected income.
Priority 1: Needs
Priority 2: Small Debts
Priority 3: Emergency Fund
Priority 4: Large Debts
Priority 5: Big Dreams and Entertainment
For me this year, most of my refund will be going to a phone upgrade, which is a situational necessity for my business (Priority 1 & 2…I already have the phone and this will allow me to pay it off early). I need a better camera and a video camera for projects, and means to use a square reader so I can take credit cards at events. The rest will go towards rebuilding my emergency fund.
Do you have a plan for your refund?