5 Tips To Prepare For 2020 Tax Season

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This post is sponsored by H&R Block

Preparing for the tax season ahead of time can save you plenty of stress and worry.

Since there have been several tax changes this year, things may even be a little bit more complicated and tedious.

Today I’m sharing with you an incredibly helpful list that will save you time and money so you’ll no longer dread tax season.

Before we get started, make sure to sign up for my free resource library and get access to exclusive printables all about saving money and building wealth, meal planning, and more.

1. Prepare for tax reform

The Tax Reform affects all taxpayers, families who partake in child-related tax benefits, and individuals who itemize. 

With the Tax Cuts and Jobs Act in effect, laws regarding deductions, exemptions, and tax brackets have changed.

Understanding these new tax laws ahead of time will save you a lot of unnecessary worry and stress.

If you have questions or concerns about tax reform and how it affects you, make an appointment with H&R Block, and a knowledgeable Tax Pro will help you understand the tax reform and how it affects your tax return.

2. Organize all income records

Gather all of your tax documents, such as W2’s, 1099s, forgiven debt, income from side jobs, that you’ve received for the previous year.

If you’re self-employed, you can track and prepare all income by using a spreadsheet, or an online accounting service that keeps track of all of your income for you.

This handy infographic from H&R Block will make it easier for you to gather important tax documents.

3. Know how to get help

Filing your taxes online or in-person should be a positive experience.

I’ve been using H&R Block since I was 20 and it’s made doing my taxes a breeze, whether I worked for someone else or while running my own business.

As someone who is self-employed, H&R Block makes it stress-free to complete my taxes every year.

H&R Block has more ways to help than anyone else, in person and online.

You can even upload your documents to H&R Block and use Tax Pro Go where H&R Block will prepare and file your taxes for you, without you having to go to an office.

4. Plan for your refund

Figure out how much your refund will be using an online tax calculator and when you expect to receive it.

Once you know this information, you can create a plan for your refund.

You should feel good about your refund.

A refund can use as an emergency fund, for paying off bills or putting toward your business.

What you do with your refund is ultimately up to you, and creating a plan for it is a great way to stay prepared and organized.

5. Gather receipts for deductions

If your itemized deductions exceed the standard deduction, you should keep track of all deductions. 

Deductions are write-offs on your taxes, which are expenses incurred while running the business.

To simply things, photos of receipts can be taken and stored into an online saved folder, and all tangible receipts can be kept in a stored place. 

If you’re not sure what you need to prepare for your 2018 tax return, this tax prep document checklist can help you out and only takes a minute to fill out.

At H&R Block, your taxes can be prepared on your own or with the help of a certified tax professional. Working with a certified tax professional ensures you get every tax deduction, credit, and the highest refund with little work on your part. 

In summary:

  1. Prepare for tax reform
  2. Organize all income records
  3. Gather receipts for deductions
  4. Plan for your refund
  5. Know how to get help

Don’t forget to sign up for the free resource library and get exclusive access to free printables & planners related to saving and making money, meal planning, and more!

Are you preparing for the tax season?

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