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My Best Tax Tip

Started by Sarah B.
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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!

J

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

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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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