{"id":9737,"date":"2019-01-15T10:16:03","date_gmt":"2019-01-15T18:16:03","guid":{"rendered":"http:\/\/www.wealthfront.com/blog\/?p=9737"},"modified":"2024-06-12T11:29:08","modified_gmt":"2024-06-12T18:29:08","slug":"tax-time-guide-get-read-tax-season-today","status":"publish","type":"post","link":"https:\/\/www.wealthfront.com/blog\/tax-time-guide-get-read-tax-season-today\/","title":{"rendered":"Tax Time Guide: Get Ready for Tax Season Today"},"content":{"rendered":"<p>After the best time of the year (holidays! cookies! <a href=\"https:\/\/www.wealthfront.com/blog\/financial-health\/\" target=\"_blank\" rel=\"noopener noreferrer\">resolutions<\/a>!) comes one of the most dreaded times of the year: tax season.<\/p>\n<p>Since, unfortunately, there\u2019s no avoiding your taxes, you might as well start prepping now. By getting ahead of the frenzy, you\u2019ll be able to feel relaxed \u2014 and maybe even a tad smug \u2014 when April rolls around.<\/p>\n<p>Here are three simple ways to get ready to file.<\/p>\n<h2>Know your documents &amp; dates<\/h2>\n<p>While you\u2019ve probably had the individual tax filing deadline \u2014 APRIL 15 \u2014 pounded into your head for years and years, you might not know this date serves as a deadline for other purposes, as well.<\/p>\n<p>April 15 is also the last day to:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong>Contribute to an <a href=\"https:\/\/ira.wealthfront.com\/what-is-an-ira\/\" target=\"_blank\" rel=\"noopener noreferrer\">Individual Retirement Account (IRA)<\/a><\/strong> and have it count for the previous year (in this case, 2018). If you haven\u2019t maxed out your IRA yet, now\u2019s your chance.<\/li>\n<li><strong>File a <a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/tax-extensions\/what-to-do-after-youve-filed-an-income-tax-extension\/L9jRDNKBN\" target=\"_blank\" rel=\"noopener noreferrer\">tax extension<\/a>.<\/strong> Not ready to face all that paperwork? File <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f4868.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Form 4868<\/a>, which will give you an extra six months to finish your taxes. In some states, like California, this automatically extends your state tax filing deadline, as well; in others, like New York, you\u2019ll need to complete a separate form. Note that, while you can delay the paperwork, you can\u2019t delay the payment. You\u2019ll need to estimate how much you owe, and pay that by April 15 to avoid penalties and interest.<\/li>\n<li>If you\u2019re ready to file now, there\u2019s no need to wait until April. You can submit your tax return as soon as you receive all of your paperwork, which should be from January through March.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Depending on your situation, here are some documents you might need:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>W2 from your employer<\/li>\n<li>Schedule K-1 for income received from an estate, trust, partnership, or S-corporation<\/li>\n<li>1095-A for health insurance through the Marketplace<\/li>\n<li>5498 for contributions made to IRAs<\/li>\n<li>1098 for mortgage interest; 1098-E for student loan interest<\/li>\n<li>And a whole slew of 1099s:\n<ul>\n<li>1099-MISC: income from contract work over $600<\/li>\n<li>1099-DIV: earnings from stocks and mutual funds<\/li>\n<li>1099-INT: interest from bank accounts and CDs<\/li>\n<li>1099-B: income from selling stocks, bonds, or mutual funds<\/li>\n<li>1099-R: distribution from retirement accounts or pensions<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you\u2019re a Wealthfront client, you can download your documents directly from your dashboard. Your forms (1099-R for IRA withdrawals, consolidated 1099s for taxable accounts) will be available by February 15. But you may receive additional <a href=\"https:\/\/support.wealthfront.com\/hc\/en-us\/articles\/211006043-Why-did-I-receive-a-corrected-Form-1099-or-other-tax-document-\" target=\"_blank\" rel=\"noopener noreferrer\">correction documents<\/a> going into March.<\/p>\n<h2>Figure out how you\u2019ll file<\/h2>\n<p>You have two main options when it comes to filing your taxes: doing it yourself or hiring an accountant.<\/p>\n<p>Going the DIY route? Consider TurboTax. If you\u2019re a Wealthfront client, you\u2019ll get <a href=\"http:\/\/turbotax.com\/affiliate\/wealth\" target=\"_blank\" rel=\"noopener noreferrer\">$15 off a Premier and $20 off a Self-Employed filing<\/a>. We also make it easy to import your Tax-Loss Harvesting and Stock-level Tax-Loss Harvesting info. Other popular tax preparation programs include TaxAct, Credit Karma Tax, and TaxSlayer.<\/p>\n<p>If your taxes are complicated, however, you should consider getting professional help. Here are <a href=\"https:\/\/www.wealthfront.com/blog\/9-instances-in-which-to-hire-a-tax-accountant\/\" target=\"_blank\" rel=\"noopener noreferrer\">nine signs you should hire an accountant<\/a>, including earning more than $200,000, being subject to <a href=\"https:\/\/www.wealthfront.com/blog\/improving-tax-results-stock-option-restricted-stock-grant\/\" target=\"_blank\" rel=\"noopener noreferrer\">Alternative Minimum Tax<\/a>, owning a business, or anticipating a big capital tax gain.<\/p>\n<p>Choosing an accountant doesn\u2019t have to be intimidating \u2014 <a href=\"https:\/\/www.wealthfront.com/blog\/how-to-choose-a-tax-accountant\/\" target=\"_blank\" rel=\"noopener noreferrer\">ask these 11 questions<\/a> and you\u2019re bound to find a good fit.<\/p>\n<h2>Decide how you\u2019ll pay (or use your refund)<\/h2>\n<p>Even if you haven\u2019t filed yet, you hopefully have an inkling of whether you\u2019re going to owe money or get a refund.<\/p>\n<p>If you\u2019re in the red, your cheapest and easiest option will be paying the IRS with a direct debit from your checking or savings account.<\/p>\n<p>Note we said debit, not credit. Although you might be tempted to charge your tax bill \u2014 and earn those coveted rewards points \u2014 we don\u2019t recommend it. That\u2019s because you\u2019ll pay fees of <a href=\"https:\/\/www.irs.gov\/payments\/pay-taxes-by-credit-or-debit-card\" target=\"_blank\" rel=\"noopener noreferrer\">nearly 2%<\/a>, and if you don\u2019t pay your statement in full, will also be on the hook for double digit interest rates.<\/p>\n<p>Don\u2019t have the money to pay right now? Then consider borrowing money at a low interest rate.<\/p>\n<p><span style=\"font-weight: 400;\">For example, if you\u2019re a Wealthfront client with a taxable account of at least $25,000, you could take out a <\/span><a href=\"https:\/\/www.wealthfront.com\/portfolio-line-of-credit\"><span style=\"font-weight: 400;\">Portfolio Line of Credit<\/span><\/a><span style=\"font-weight: 400;\"> at a low interest rate (6.41% as of June 12, 2024). Or, you could go directly to Uncle Sam and sign up for an IRS payment plan.<\/span><\/p>\n<p>If, on the other hand, you\u2019ve got a refund on the way, treat yo\u2019 self to something nice! And then use your refund as <a href=\"https:\/\/www.wealthfront.com/blog\/taking-on-your-taxes\/\" target=\"_blank\" rel=\"noopener noreferrer\">fuel for your important goals<\/a>.<\/p>\n<p>Here are a few ideas:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Pay off high-interest debt.<\/li>\n<li>Invest in your future by putting the money into an IRA or taxable account. (<a href=\"https:\/\/www.wealthfront.com\/investing\" target=\"_blank\" rel=\"noopener noreferrer\">We can help with this!<\/a>)<\/li>\n<li>Save it in a high-interest cash account for your short-term needs. (Hint, hint: we\u2019ll have one soon)<\/li>\n<li>Boost your career by enrolling in a course or certification program.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>In our next blog post in this series, we\u2019ll dive deep into the nitty gritty of taxes: which deductions and credits to claim, whether or not you should itemize, and how to leverage your investment losses. You won\u2019t want to miss it!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax season is upon us, and you might as well start prepping now. By getting ahead of the frenzy, you\u2019ll be able to feel relaxed \u2014 and maybe even a tad smug \u2014 when April rolls around. Here are three simple ways to get ready to file.<\/p>\n","protected":false},"author":129,"featured_media":9739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1278,1705],"tags":[1697,1294],"coauthors":[82],"class_list":["post-9737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planning","category-taxes","tag-financial-planning","tag-taxes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Time Guide: 3 Ways to Get Ready for Tax Season Today<\/title>\n<meta name=\"description\" content=\"Tax season is upon us, and you might as well start prepping now. By getting ahead of the frenzy, you\u2019ll be able to feel relaxed \u2014 and maybe even a tad smug \u2014 when April rolls around. 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