The Fiscal Femme Tax Roundup
In honor of the upcoming tax filing deadline, we’ve been creating a lot of tax-related resources. If you are looking to minimize your bill, prepare your taxes, and plan for next year, we have you covered. Here are our favorite tax resources to make this tax season as easy and stress-free as possible.
Minimize Your Tax Bill (very legally!)
Filing our taxes can be an arduous process that we often try to get through as quickly as possible. But before we hit submit or give our accountants the final okay, we want to make sure we are minimizing our tax bill (or maximizing our tax return).
Why? First and foremost, that means we’ll have more money in our pockets to allocate towards our goals. And second, if we don’t, we’re paying more taxes than we need to.
Here are some ways to minimize your tax bill or increase your tax refund. If it’s too late to utilize some of these strategies, you can plan ahead to maximize them next year.
Prepare to Make Filing Your Taxes a Breeze
If filing your taxes is something you look forward to about as much as going to the dentist, you are not alone. I polled the Fiscal Femme community and 18% of you would rather get a cavity filled than file your taxes.
Why? A lot of reasons. It’s time consuming to prepare. We aren’t really sure what we’re doing, so all that work seems even more daunting. If we usually owe money (instead of getting a refund), we look forward to filing our taxes even less. Did I mention all the prep work?
Whether you file your taxes on your own or work with an accountant, we’ve got you covered. Here are three things you can do now to make filing your taxes a breeze. Stay tuned for ways to make it even easier to file next year.
Set up your system for 2020 taxes
When we’re preparing to file our taxes for this year, it’s the perfect time to create a system to make the process easier next year. Why? You might be thinking, “Ashley, why add to my torture? I could finally celebrate being done!?”
Taking the time to create systems while everything is fresh in our minds is far easier than trying to remember what was important and what we needed. Taking the time to set up a system for our 2020 taxes will save us lots of stress, time, and (perhaps) money.
Here are four steps to make filing your taxes easier and more efficient for next year. I promise, your 2021 self will thank you.
7 Money Tips Every Freelancer Needs to Know (#1 is about taxes!)
Dealing with our finances is hard enough when we have a steady W-2 salary. When you add the complexities of variable income and managing business expenses, it becomes even more difficult.
More and more of us are going to experience working as a freelancer at some point in our careers. It’s predicted that freelancers are going to be the workforce majority within the next decade.
The good news is that there are some very doable - yet extremely impactful - things you can do to set yourself up for financial success as a freelancer or entrepreneur.
First up, taxes!
