Tax Deadline Approaching: Thoughts and Tips
Just the other day, while brainstorming for this week’s Katana article, it hit me like a ton of bricks—tax season is almost upon us! This year, for the first time, I find myself owing the government money, and honestly, I’m not thrilled. Sure, I’ve essentially had a free loan from the government all year, but now the bill is due, and it stings a bit.
Procrastination and Perfection in Tax Prep
As the tax deadline looms, I’ve decided to wait until the very last minute to file. My reason? I always seem to catch errors in my initial submissions. I believe every tax return, no matter how carefully prepared, has at least one mistake or could be optimized further. Therefore, I meticulously review my taxes multiple times before finalizing anything.
Handling your taxes personally can teach you a lot about your finances, increasing your awareness of potential financial leaks through things like deduction limits, rental property amortization, and alternative minimum taxes. Gaining this insight often leads to a desire for a simpler tax system and more efficient government operations. Too many people blindly follow their accountant’s advice without understanding the details of their own financial contributions. It’s crucial to take charge and understand where your money goes.
My Number One Tax Tip
Here’s my top piece of advice for everyone: tackle your taxes yourself. You’ll inevitably make mistakes, but the process will make you more informed and financially literate. This hands-on experience is invaluable, and modern tax software has made this more feasible than ever.
So, who’s diving into their tax prep with gusto? With today’s user-friendly tax software, it’s worth giving it a shot on your own if you haven’t already. Remember, taxes are typically due around April 15th.
In this edition, I also dive into personal finance stories and discuss broader issues like discrimination and societal influences on our financial behaviors. And remember, with tax season here, don’t wait too long to start!
Keep slicing through those financial mysteries,
Sam @ Financial Samurai
P.S. Stay tuned for more insights and discussions on timely financial topics!
