December 19, 2014

Figuring Out Tax Returns: Save $ Now!

Dec18

Last week, a simple envelope caused quite the stir in our home. We opened it and it was as if manna from heaven floated out.

Typically, anything stamped from the IRS causes my stomach to turn.  I rant a little (a lot), but this time a complete shocker occurred. We actually received money back instead of owing.

Yes, it’s true.

Year End, “Cash in My Pocket” became a reality.

For many of you, this same manna could be yours, but you have no idea how to achieve it.

Things are becoming more and confusing, not only with the health care issue that I addressed a few weeks ago, but with tax laws as well.

Unless you are educated in not just the hundreds of existing tax laws, but the hundreds of tax law changes that get implemented each year, there’s no way to keep on top of the deductions that could be helping your budget, which bottom line, puts cash in your pocket.

Yet, understanding and aligning your finances to make the most of those dreaded taxes is critical.

There’s a very good chance that you may be missing out on some tax benefits that you aren’t even aware of within your household.  These could make a big difference on your year end planning.

I still can’t believe that 2013 is quickly coming to a close and while many of us are doing last minute shopping, we should also be taking advantage of last minute tax write offs.

We tend to leave any thoughts about taxes until April, but believe it or not, tax season has already begun.

So here are a few questions to ask yourself.

Are you ready for year end in terms of your taxes?

My husband informed me that in our home state,  our state legislature changed a bunch of tax laws that affect the way we need to figure out our taxes come April.

Do you know what the new tax laws are that go into effect for  2014? Are you familiar with any 2014 tax law changes in your state?

Does it hurt you or help you?

Are you better off accelerating expenses for 2013, (which means you may need to do that in the next two weeks.)

I know, I know. STOP, JEN!!

It’s overwhelming and that’s why we all need Endorsed Local Providers;  true tax experts who spend 100% of their time keeping up with those intricacies that we can’t begin to tackle.

An Endorsed Local Provider can take the tax hassle off of our shoulders while providing the biggest refund possible for your family.  Dave Ramsey’s Endorsed Local Providers have the heart of a teacher and wonderful customer service. They want to make sure that you get to keep money that is rightfully yours, and find ways to get you more returns.

I enjoyed reading through your comments and ideas in my 3 Ways to Save $500 Now post, but I should have definitely tacked this on for one more additional way.

Hopefully, by receiving some tax advice, it can save you much, much more than $500 for 2014.

Begin now, by checking out Ramsey’s free service that will help you find a local professional with the heart of a teacher. When it comes to topics this confusing, that’s a necessity for me. In a recent survey,  98% of folks that used a tax ELP would recommend the service to a friend or family member. I loved knowing that before I recommend this to you.

Just out of curiosity, do you attempt taxes on your own or do you seek out professional help?

Any tips or experience that you’ve had from which we can learn? I’d love to hear.

Thank you to Dave Ramsey’s ElP program for partnering with me as I share our financial journey.


Comments

  1. Ugh, taxes. The bane of my existence. My husband does them but he probably could do better.

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  2. We always use an accountant who specializes in Ag taxes (yes, lucky us, farmers and fishermen have their own special *additional* form). His charges are very reasonable, and we actually end up meeting with him a couple times a year, if we have business decisions to make (equipment purchases, employee benefits etc.) and are unsure of the tax implications. It’s amazing how often simple changes can make so much difference in the bottom line!

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    Jen Reply:

    You are so right. I don’t think that people realize how just a few tweaks and tips can make such a big difference. You wonderful farmers should get every tax break there ever was and MORE!! :)

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  3. We own several small business, so taxes are something we have to worry about all year long. It is so much easier when you think ahead and are prepared.

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  4. Love this! Thanks Jen :)

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  5. Just filled out the form. Thank you!

    [Reply]

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