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There are several tools and tricks to avoid last-minute chaos.
By adopting a few strategic planning practices, you’re free to save time and money.
Getting your finances in order beforeTax Daycreates an opportunity to increase savings and boost your financial well-being.
When youre searching for receipts stuffed in drawers and rushing to make the deadline, write-offs are often missed.
However, there are simple fixes.
Here are four ways toget your finances in shape before Tax Dayfor $150 or less.
Most people scramble to find receipts, deductions and paperwork when tax day rolls around, he explained.
Thats how you overpay the IRS and leave money on the table.
Then, at tax time, youll just have to pull everything out!
The best part is it doesnt have to cost you much.
According toPacific Life, digital vaults cost about $4 to $10 per month.
Its something that Michael Schmied, senior financial analyst atKredite Schweiz, uses for himself and clients.
Its built specifically to organize receipts by digitizing them in bulk.
you’re free to mail in your physical receipts using their prepaid envelope.
Their team scans them, extracts key data and uploads everything to your online account, he said.
What I like is that it creates a searchable archive.
Schmied pointed out the several benefits to Shoeboxed.
The platform has various pricing plans ranging from $18 to $54 per month.
My go-to move is to spend $150 to hire a freelance bookkeeper for two hours of pre-tax cleanup.
You dont need year-round service.
Bookkeepers see patterns you miss and ask proper follow up questions, he explained.
Plus, it could help reduce your CPA bill.
There are no extra hourly fees for sorting through your chaos.
In a world hurtling toward AI-audits and faster IRS flagging systems, clean data isnt a luxury.
Its your financial armor.
Spend the $150.
Own your numbers, he said.
Buy a Tax Preparation Software
Tax software can help simplify the tax process.
It is accurate, saves time and doesnt cost a fortune.
Kibbel also suggested a desktop scanner.
That little setup saves you from missed deductions and speeds up prep if youre taking it to a CPA.
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