Tax season is soon approaching and it’s about time you gather all of your financial documentation from 2018 in preparation of filing properly. You have to go over all of your expenses and tally up the monies earned and spent. If you are a business owner this could be considered a stressful time if you are scrambling to remember every dollar that had your name on it, but all can be resolved if you seek help from a professional to sort through the intricacies.
The process starts around the same time every year so it should be easily maneuvered over time, but of course it can easily sneak up on you if you aren’t tracking your day to day activity for the end of the year review. So, if you are in need of some advice on how to handle your tax returns, tune in! Today we are joined by Larisa Humphrey who has 28 years of expertise in tax preparation. She is licensed to practice in front of the IRS and does her best to find ways for her clients to not have to pay any taxes.
“The best thing to do is start that business if that’s what you’re thinking about, that’s where your passion is because it could help you now and later.”
Today’s Love and Money idea:
- Hire a professional to remove the guesswork out of filing your taxes. Lessen your anxiety by collaborating with someone who can walk you through every step and answer your questions with detail.
- When applicable, keep track of your mileage for tax purposes. This includes having a driving log and any receipts associated with gas. In the event you decide to use an app, check it regularly so you can visually see how those miles are adding up.
- Find all of the deductions you will be lawfully eligible for so that you can get the highest benefit of paying the least amount in taxes.
- Even if you go to a professional to take care of the logistics of filing your tax returns, educate yourself on the process by reading through the Internal Revenue Service website: www.irs.gov; determine what forms are appropriate for you or even if you need to file at all.
- Never avoid any mail from the IRS. Open the letters and stay on top of what’s required of you. Review the information and act accordingly in a timely manner if action is requested.
- If you are married, filing jointly could work to your advantage, rather than filing separately. It can help you save on taxes and could possibly get you the most deductive benefits. If necessary, fill out the forms both ways to see what works better.
Nobody wants to pay more than their fair share of takes. Quite often we don’t want to pay taxes at all. The key to reducing stress around taxes is working with the right people and having the right mindset. In this 5-Minute Activation I pinpoint a few key mindset shifts you can make to feel more confident with your tax strategy.
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Connect with Kiné:
Connect with our guest, Larisa Humphery:
Phone #: (770) 451 – 6330
Next Episode Preview:
Next time, I introduce you to my new co-host, Andy Hill from Marriage, Kids, and Money podcast. He and I are going to start a new segment called Q and A with Andy and Kiné. Let us know how you like it and send your love and money questions in so we can help you and your family become a winning team in love, life, and money. Email your questions here.
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