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Tax season is upon us.
Explore multiple strategies to help youprepare for a painless tax seasonbelow.
When possible, make it a point to keep your finances organized throughout the tax year.
For example, you might use recordkeeping software to account for all your income throughout the year.
If you own a business, its equally important to keep track of your expenses.
Youll need to use all of those numbers when doing your taxes for the year.
With all of your finances organized, its more likely youll breeze through your tax return.
Save for Retirement in a Tax-Advantaged Account
Saving for retirementis a financial priority for many.
Thats because contributions to certain retirement accounts lower your taxable income for the year.
For some, this can lead to significant savings on their tax bill.
Of course, this doesnt mean you cannot contribute to ataxable brokerage account.
Watch for Changes to Your Filing Status
Big life changes are exciting.
But when you experience a major change, your tax filing status might change, too.
If you get divorced, youll need to move your filing status in the other direction.
Having a child is another life change thatimpacts your tax bill.
If you claim your child as a dependent, you might see your tax liabilities shrink.
If possible, make it a point to review common tax credit opportunities in the beginning of the year.
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