Southbourne Tax Group Review : How to reduce tax-time stress as a millennial
Financial responsibilities topped with student loans and other investments along with side hustling. Indeed, being a millennial, you have a lot in mind. And stress might haunt you when filing your own taxes.
You’ve probably heard this lot of times before but even experts find it important to contribute on your 401(K) plan to save on taxes and to invest for your retirement. Southbourne Group had been committed to strive and give guidance on this venture and in this article - the company aims to give millennial some basic guidelines on how to reduce tax-time stress.
Remember the deadline for filing taxes like it’s your own birthdate. Do important things related to your taxes way before the deadline. Decide whether to fully file your taxes, ask for an extension, or apply for a payment loan. It’s given that without a proper extension notice on missing the deadline, you are reliable for penalties, interest and late fees.
Think about having the right tax software. Having a simple tax situation can also mean being able to use a DIY tax software program in filing your taxes easily. IRS provides free software to people who have $64,000 or less income to help them file their taxes at no charge.
Write off expenses used on your side hustle. Filing taxes for your day job can be easy but if you’re also doing side hustling there are particular things to consider. Side hustle expenses (e. g. equipment or supplies) can be written off and such costs can be deducted on your tax return, reducing your taxable income.
Take full advantage of education tax savings. Costs related to education are mostly tax deductible, but if you’re still unsure on this matter, you can get the professional help of a tax expert or follow the prompts of the tax software. List all your higher education expenses to identify which one you’re qualified for.
Inquire about the saver’s credit. In order to encourage people to put money on a retirement account, IRS offers a tax credit called saver’s credit. At the end of the year, your tax bill could be greatly reduced with this. It also determined by your adjusted gross income the amount you are qualified for.