Southbourne Tax Group Review: List of must do’s in filing your taxes as a millennial
Most millennials nowadays have many things to consider in filing their own taxes. Some have a lot of financial responsibilities and student loans to think of while others have little investments or side hustles, and many have all of these. Southbourne Tax Group understands some millennials who have a challenging financial life.
Southbourne Group targets to help millennials in handling their taxes through this post, though these are only the basics but it could still guide you in your taxes. Contributing to your 401(K) plan is a must and even tax experts find it crucial to save on taxes and to invest for your retirement at the same time.
You must prepare everything earlier than the deadline. You can choose whether to file your taxes completely or ask for an extension or a payment loan. Missing the deadline will, of course, give you a hard time since you’ll be facing penalties, interest, and late fees.
You must get the right tax software. File your taxes with ease with the tax software that suits your needs. IRS offers free software to people with $64,000 or less income.
You must write off your side hustle expenses. Side hustling and the expenses involved in this regard can be deducted on your tax return, specifically, the costs of your equipment and supplies bought for your side hustle. With this, your taxable income can be reduced.
You must understand education tax savings. Maximizing education tax savings is really advised for you since it is mainly tax deductible. The tax software will also provide helpful prompts, or to be certain, get the assistance of a tax expert. Higher education expenses should be detailed to determine where you are qualified for.
You must consider saver’s credit. IRS offers this to encourage individuals to put money on their retirement account where you can expect a less on your tax bill at the end of the year. It will depend on your adjusted gross income the amount you’re qualified for.
You must include expenses on job hunting. Job search expenses can be tax deductible according to IRS wherein it should be on your current career field.
You must do proper calculations. Filing your taxes should also involve careful and thorough calculations to avoid having huge mistakes. The built-in features of a DIY tax program can help you make sure the correctness of your tax information.
You must dedicate a day to prepare everything. Mark that date in your calendar and focus yourself on organizing all you need in filing your taxes.
Southbourne Group truly understands the struggles of a millennial, thus those mentioned above were made to guide them. On the other hand, this post can also apply to anyone who is going to file his or her taxes. You can further your search and read some of their previous posts for more info.