Tax season. It’s one time of the year that everyone dreads. Too often people leave it until the last second and then end up scrambling to find some of the best tax software before getting their forms in before the deadline. But it doesn’t have to be like that. There are several great ways to get prepared for tax season before the deadline gets close. We’ll share some of the best options here today. Also read our Freetaxusa review.

Determine Which Forms You Require


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Everyone has a different financial situation, which also means that the tax forms you need may be very different from the ones a friend, spouse, or even co-worker might need. If you have the same tax situation most years, this may not change very often. However, those who are in a new career or with a new company may find that determining which forms to use will get you ready for the tax season early.

Keep Your Receipts in One Place

For those of you who take itemized deductions, you already know how important it is to keep track of all of your receipts. If you go with the standard deductions, you may not need this tip. However, it’s best to keep all your receipts safe and sound in one location every single year. Losing your receipts can be seriously challenging and add a lot of work to the tax season. Store them together to save time later.

Save Money for Taxes in Advance

Some people can do a quick online tax return, while others might fill out paper tax forms. However, most people need a little help to file everything correctly. It’s important to save some money and set it aside specifically for this reason. It goes beyond paying an accountant, though. If you already know you’ll be paying in taxes, save it throughout the year, so you aren’t scrambling on the last day of the filing season.

Track All of Your Donations


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Any time you make a charitable donation, what you spend is tax deductible. If you make monthly donations, you might already be tracking those. However, sometimes we offer a donation off the cuff and then simply forget about it. This is money you can get back, so you should be sure to jot it down when you make a donation. This ensures you have the proper information to deduct the donations as expenses and lower your tax bill.

Consider Filing for an Extension

If all else fails and you know you’re going to be rushing to finish your taxes, you can always file for an extension. Even if you do this early on, it means you have more time, and you can more easily get access to an accountant. This can also be a great option for anyone who has been dealing with major stress in life as it gets one thing off of your plate for now.

There are many ways to prepare for tax time, and these tips will help you get ready in plenty of time. You can do it!



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MARCH 23, 2020: URGENT UPDATES TO HELP YOU MAKE MONEY WHEN THE MARKET IS DOWN!

The markets have dropped over 30% since their highs just a few weeks ago because of the Coronavirus, but we are starting to see more signs that this might be a PERFECT BUYING OPPORTUNITY:

#1. HOT Fool Picks in Spite of Crash. Here is why we love the Motley Fool--On Thursday, March 19, 2020 they recommended Zoom Video (Ticker ZM) when it was at $124. Today, March 23 it closed at $160, that's up 29% in 3 days! But that's not all, they also recommended it October 3, 2019 when it was at $77 so that is up 108% since they picked it back in October, in spite of the market crashing 30%. Other recent picks are TSLA, NFLX and TTD which are all UP since they were picked!

#2. Stock Prices Are Down 30%.  This is a good thing! If you are thinking of buying stocks, now's your chance to get quality companies at much more affordable prices. This offers a very attractive entry point, because stocks are ON SALE and you can now buy quality stocks for 30% less than you would have paid for them in February.

#3. More Articles Are Starting To Recommend Buying. As we are nearing the bottom of this drop, we are starting to see more articles like this: BlackRock is suggesting we may be at a "once in a lifetime opportunity", Morgan Stanley says to start buying, and Warren Buffet has a stock pile of cash and rumors are he is starting to buy.

#4. Dollar Cost Averaging Works! Since nobody knows where the bottom will be exactly, smart investors continue to invest a fixed dollar amount in the market each month. This is called Dollar Cost Averaging. That way, when the markets are down you are buying more shares of your favorite stocks at cheaper prices. This helps drive down your average cost and increase your profits when the stock market moves back up.

If you need recommendations for stocks to buy now, keep in mind that the Motley Fool Stock Advisor beat the market by over 30% the last 4 years, and they are currently recommending that NOW IS THE TIME to start buying some of those quality stocks that should make up the foundation of your portfolio. The Motley Fool Stock Advisor service is recommending at least 15 stocks that you should plan on holding for the next 3 to 5 years. So, if you need investing ideas, it is a PERFECT time to consider the best stock newsletter over the last 4 years--The Motley Fool Stock Advisor

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