You don’t have to pay taxes on your entire paycheck. That’s where taxable and nontaxable income comes into play. See what qualifies in each category and how tax deductions can lower your tax bill.
Ever watch someone make three right turns instead of a left? Well, you could be doing your taxes the same long (and grueling) way. Take a look at our tax services to see if you can file comfortably by yourself or if it’s best to work with a pro.
The Best Way to File Your Taxes Now
When it comes to tax preparation, most people panic, put up two fists, and swing. We have a better idea: Start with a plan. You can follow these steps all on your own if you’re ready to rock self-filing, or you and your tax pro can work the plan together. Either way, you’ll do your taxes the best way this year.
Decide if you’ll take the standard deduction or itemize.
Taking the standard deduction is easier, sure, but if itemizing means you’ll have a lower tax bill, it’s worth the effort! If you’re working with a tax pro, they can help you decide whether itemizing is worth it. But no matter how you file, just remember to back up your itemized deductions with receipts.
Pick a filing status.
Single? Jointly? Separately? Married couples usually save more by filing jointly. But check the math (or ask your tax pro to check it), because sometimes it makes more sense to file separately.
Get motivated and get your taxes done.
Create a playlist with songs that make you want to take on the world. Or imagine how you’ll reward yourself after you get your taxes done. Then, do them. Or have your tax pro do them—after all, that’s why you hired them!
Set yourself up for success next year.
If you get a big tax refund or bill, go ahead and adjust your withholdings. You want your tax bill or return as close to zero as possible! That way, you keep more money in your pocket throughout the year—without giving Uncle Sam an interest-free loan. Finally, keep tax documents and receipts in one place all year so you won’t have to hunt for everything you need next spring.
Want to File Your Taxes Now?
Ramsey SmartTax is a super simple way to file your personal and self-employed taxes. Unlike most tax software, it has transparent (and low) prices. No sneaky fees. No surprises.
Can Someone Just Do My Taxes for Me?
Yep! We can put you in touch with an Endorsed Local Provider. These tax pros are RamseyTrusted, meaning they’ll put your needs first and do your taxes right.
Find a local, trusted tax advisor to help you.
What if we told you that you could save a chunk of money on your taxes this year? Figuring out what tax deductions you can claim on your return might help you keep a lot more money in your pocket!
When it comes to cutting your tax bill, tax credits reign supreme. Find out everything you need to know about how tax credits save you money and which ones you qualify for.