Tax season is fast approaching (don’t click away yet, we promise this will be helpful not painful!) so Fusion’s Alicia Menendez sat down with Jennifer Perez, CEO of Bookkeeping Done Right to find out what you need to do to fill out your taxes.
Perez swears it’s simple. Here’s some of her advice:
– For simple returns, go online and do them yourself. Companies like H&R Block and TurboTax (which even has an app called SnapTax that walks you through the process on your phone) have made the process so easy you don’t need to pay someone to do it for you.
– Be smart about deductions. The IRS gives everyone an automatic deduction, so if you’re single and paying less than around $6,000 in things like medical expenses, mortgage interest, and charitable contributions, they’re not always worth it.
– Look for available tax credits. These credits help lower the amount of taxes you owe. There are child tax credits, even credit for people making tuition payments. Do your homework and don’t leave money sitting on the table.
– Review the forms before you sign them. It sounds obvious, but you’re responsible for anything that you sign, so make sure all the information is correct.
Watch the video to hear more tips, including an explanation of how witholdings work.