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My Best Tax Tip

Started by Sarah B.
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SB

Sarah B.

Hi SaverLife,

I don't really know exactly what to post here. I have done my taxes myself since I have started paying taxes for myself (no one else could claim me). My taxes used to be super simple (W-2 only) but have grown more complex with age. As time has gone on, I find that getting my taxes done early leads to less stress overall. Most tax forms you need to file are available by Mid-February( with the exception of I think some specialized retirement accounts). My best tip and what I like to do, is to start with a list of all of the forms I need: W-2s, 1099s, etc. Any account I have that I have done some sort of financial transaction with. I then get the dates together when I know these forms will be ready. As they become available, I upload them to TurboTax. I have used this service since I started filing taxes and find it easy to follow and use. I do use a paid version because I have some special tax situations.
The only challenge that I have run into: I made the impulse decision to spend like $50 buying crypto. I didn't make any money, but I also didn't realize that I would have to file a tax form for them! I used Coinbase, but I have trouble connecting that service to TurboTax. If you have crypto, didn't buy much like me and need to get a tax form together: I recommend CoinTracker which will connect to your crypto account (or accounts) and spit out a summary tax form for you. It was super easy to use.

Good Luck Filing Out there!

JP

James P.

If you are self employed it’s absolutely necessary that you make your estimated tax payments. I know personally I wasn’t fully aware that if I’m self employed and no one pays into my social security I’m not earning social security

SB

Sarah B.

@James P. I also found this out when I started my own business! I ended up putting my withholding amounts into a HYSA as I got paid so I would at least earn a little interest on them. It certainly can be a bit of an adjustment to manage things on your own, but I found a lot of good resources online. I did really enjoy the freedom I had as a business owner, even if the tax situations were tricky. I managed to still do our taxes on my own. My biggest tip for that would be to save every single receipt to maximize write offs. And also, I never did, but I should have setup a self funded retirement account (I was a sole proprietor and my husband and I co-owned our farm). We could have gotten a good additional write off for that.
Being a W-2 employee can feel restrictive sometimes compared to being on my own, but I do get my taxes done a lot quicker!

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