{"id":18855,"date":"2021-01-25T21:53:14","date_gmt":"2021-01-25T21:53:14","guid":{"rendered":"http:\/\/theoklahomaeagle.net\/?p=18855"},"modified":"2021-01-25T21:53:14","modified_gmt":"2021-01-25T21:53:14","slug":"8-things-you-need-to-know-for-a-stress-free-tax-season","status":"publish","type":"post","link":"https:\/\/www.willoughbyavenue.com\/eagle\/2021\/01\/25\/8-things-you-need-to-know-for-a-stress-free-tax-season\/","title":{"rendered":"8 Things You Need To Know For A Stress-Free Tax Season"},"content":{"rendered":"<p><a href=\"https:\/\/blackdoctor.org\/8-things-you-need-to-know-for-a-stress-free-tax-season\/\">www.blackdoctor.org<\/a><br \/>\n&nbsp;<\/p>\n<div class=\"entry-content\">\nTax season is almost here! Who\u2019s ready for a big\u00a0<a href=\"https:\/\/blackdoctor.org\/refund-rich-3-ways-to-hold-onto-your-money-after-tax-season\/\" target=\"_blank\" rel=\"noopener\">refund check<\/a>? This girl!<br \/>\nHowever, let me be honest\u2026 As a new business owner and full-time freelancer, I\u2019m a bit nervous about filing this year.<br \/>\nI had a lot of changes happen from moving, buying start-up equipment to traveling to clients, and switching healthcare providers. There\u2019s so much, I sort of don\u2019t know where to start.<\/p>\n<div id=\"ds_cpp\" class=\"ds_cpp\" data-dvp_dockspec=\"br\/400\/225\" data-dvp_docktrigger=\"oov\" data-dvp_closescope=\"pageview\" data-dvp_closedelay=\"10\" data-dvp_dockavoidwidth=\"1024\">\n<div class=\"ds_cpp_inner\">\n<div id=\"ds_body\" class=\"ds_body\">\n<div id=\"ds_player_container\" class=\" \">\n<div id=\"ds_content_frame_parent\" class=\"        ds_float br\">\n<div><\/div>\n<p><iframe id=\"ds_content_frame\" src=\"https:\/\/c5x8i7c7.ssl.hwcdn.net\/vplayer-parallel\/20201216_1412\/videojs\/show.html?controls=1&amp;loop=30&amp;autoplay=0&amp;tracker=318a720a-cbd0-4d81-90f8-d3b85a906cbe&amp;height=363&amp;width=645&amp;vurl=%2F%2Fd14c63magvk61v.cloudfront.net%2Fvideos%2Fdgv_blackdoctor%2F20210125154507_600ee6cf35676%2Fdgv_blackdoctor_trending_articles_20210125154507_600ee6cf35676_new.mp4&amp;poster=%2F%2Fd14c63magvk61v.cloudfront.net%2Fvideos%2Fdgv_blackdoctor%2F20210125154507_600ee6cf35676%2Fdgv_blackdoctor_trending_articles_20210125154507_600ee6cf35676_new.jpg\" frameborder=\"0\" scrolling=\"no\" data-gtm-yt-inspected-1_25=\"true\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<div id=\"ds_adpp\" class=\"\" data-adpp_status=\"play\"><\/div>\n<div id=\"ds_cpp_dock\" class=\"ds_dock\">\n<div class=\"ds_description\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Luckily, we have the internet and well-known services like TurboTax, H&amp;R Block, and Liberty Tax to help us along the way.<br \/>\nBut how many of those entities can really relate to your situation? Can you really disclose everything truthfully to them and trust that they will find a way to get the most out of your refund, while also ensuring that the IRS won\u2019t come knocking on your door?<br \/>\nThis year I knew I had to work with someone I knew that would have my back.<br \/>\nBlack-owned and a top leader in urban financial development,\u00a0<a href=\"https:\/\/www.jetaccounting.us\/\">JET Accounting and Tax Solutions<\/a>\u00a0is an online-based finance consulting company dedicated to serving people of color. Their services include personal and business tax filing, bookkeeping, savings, investments, and financial consultations.<br \/>\nI spoke to the CFO,\u00a0<a href=\"https:\/\/www.jetaccounting.us\/about-us\">Taariq Muhammad<\/a>, to see how I can make this year a stress-free tax season.<br \/>\n<strong>BlackDoctor.Org (BDO)<\/strong>: What are the top things I need to consider to make this year stress-free when filing my taxes?<br \/>\n<strong>Taariq Muhammad (TM):<\/strong>\u00a0Odds are if you\u2019re<b>\u00a0<\/b>online searching for tax tips at this time of the year, you\u2019re already stressed out! But fear not, I have some key tips for a stress-free tax season, however, the #1 thing to always remember is to prepare all year long. That way, when it\u2019s time to file, it\u2019ll be no sweat off your back. You got this!<br \/>\nSo, if you\u2019re strapped for time and a little bit clueless when it comes to taxes, check out these quick tips to get you through the tax season:<\/p>\n<h2>1. Use A Tax Preparer for Tax Season!<\/h2>\n<p>An experienced tax professional can ensure accuracy and that you do not miss out on any deductions and credits you may qualify for.<br \/>\nAt JET Accounting and Tax Solutions, we offer any first-time clients a free consultation. Ask the questions you\u2019ve been dreading confronting all year so that you can gain a clear understanding of your situation then you won\u2019t have to worry about them later!<\/p>\n<h2>2. Keep Up with Your Mileage.<\/h2>\n<p>Tracking a log of any and all miles. Document the miles that are driven by volunteering, work, business, or medical appointments is very helpful when filing. Be sure to save all travel-related receipts as well, this includes parking, tolls, bus or taxi, gas, and repairs.<\/p>\n<h2>3. Redo Your W-4.<\/h2>\n<p>Fill out your W-4 at the start of each year to make sure your withholding matches that year\u2019s expected financial situation. Make sure to<b>\u00a0<\/b>resubmit it anytime there is a change in your life. I don\u2019t think that I can stress this enough to my clients, but remember that the focus should be less on receiving a refund and more on reducing tax liability.<br \/>\nIt\u2019s much better to put that extra money into some type of interest-bearing account throughout the year. Think about it. If you wait until the end of the year to collect a refund, you\u2019ve done nothing but given our government an interest-free loan!<\/p>\n<h2>4. File Early.<\/h2>\n<p>Tax season was delayed until February 12th this year.\u00a0 If you want your tax return even faster, make sure to choose the option to eFile and use direct deposit for fastest processing times.<\/p>\n<h2>5. Increase Payments Prior To The End of The Year.<\/h2>\n<p>If you can, postpone the collection of income until\u00a0after\u00a0December 31st\u00a0and accelerate the payment of certain bills prior to\u00a0December 31st.\u00a0This\u00a0can help increase your itemizing potential, which can result in a bigger refund.<br \/>\nFor example, pay January\u2019s mortgage payment in December, this will later increase your\u00a0mortgage interest deduction. Some other examples include scheduling\u00a0health-related treatments and exams in the last quarter of the year, it will increase your medical expense deduction later.<br \/>\nPay property taxes, and if you\u2019re self-employed, pay your<b>\u00a0<\/b>fourth-quarter state estimated taxes early in December too. Rather than waiting until in January when these types of expenses are normally due, paying early will ultimately lead to a higher refund in the end.<\/p>\n<h2>6. Track All Big-Ticket Purchases.<\/h2>\n<p>Keeping track of all state and local taxes you pay on all major items will grant you a bigger refund when it\u2019s time to itemize your deductions.<\/p>\n<h2>7. Use Your Debit Card For Everything &amp; Track Paperless Records As They Come In.<\/h2>\n<p>Do a monthly recollection of all your tax-related electronic transactions. It will make you and your tax preparer\u2019s job much easier. Each month log in to your bank account and separate any tax-related transactions such as charitable donations, fees for health care, job-search costs, and unreimbursed work expenses.<\/p>\n<h2>8. Save Receipts for Tax Season!<\/h2>\n<p>Last but certainly not least, be sure to always save receipts whenever possible. It is a simple thing, yet when it comes down to it, no one hardly ever does it anymore. Start with saving at least the big expense receipts. If you get audited, all those things you claimed will ultimately need to have proof.<br \/>\nTruthfully, with these tips, you can make this tax season work for you. You can also start working with your tax advisor now. It\u2019s a great way to get a headstart on ways to get the most out of your refund. Remember April 15th is the deadline to file taxes this year. Good luck!\n<\/p><\/div>\n<p class=\"entry-meta\"><time class=\"entry-time\">January 25, 2021<\/time>\u00a0by\u00a0<span class=\"entry-author-name\">Tia Muhammad<\/span><\/p>\n<div class=\"saboxplugin-wrap\">\n<div class=\"saboxplugin-gravatar\"><a href=\"https:\/\/blackdoctor.org\/author\/tia\/\"><img decoding=\"async\" class=\"lazyloaded\" src=\"https:\/\/blackdoctor.org\/wp-content\/uploads\/2018\/01\/Tia-e1515625036731.jpg\" alt=\"Tia Muhammad\" data-ll-status=\"loaded\" \/><\/a><\/div>\n<div class=\"saboxplugin-authorname\"><a class=\"vcard author\" href=\"https:\/\/blackdoctor.org\/author\/tia\/\" rel=\"author\"><span class=\"fn\">Tia Muhammad<\/span><\/a><\/div>\n<div class=\"saboxplugin-desc\">\n<div>\nTia Muhammad, BS, is an award-winning freelance content &amp; media creative, copywriter, blogger, digital designer, and marketing consultant. She owns the boutique content and digital media company,\u00a0<a href=\"https:\/\/www.jackiegldn.com\/\">jackieGLDN|studio<\/a>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>www.blackdoctor.org &nbsp; Tax season is almost here! Who\u2019s ready for a big\u00a0refund check? This girl! However, let me be honest\u2026 As a new business owner and full-time freelancer, I\u2019m a bit nervous about filing this year. I had a lot of changes happen from moving, buying start-up equipment to traveling to clients, and switching healthcare&hellip;<\/p>\n","protected":false},"author":3,"featured_media":18856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[103,112,106],"tags":[],"thb-sponsors":[],"class_list":["post-18855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-healthcare","category-tulsa"],"_links":{"self":[{"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/posts\/18855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/comments?post=18855"}],"version-history":[{"count":0,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/posts\/18855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/media?parent=18855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/categories?post=18855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/tags?post=18855"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/www.willoughbyavenue.com\/eagle\/wp-json\/wp\/v2\/thb-sponsors?post=18855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}