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9 Financial Tips You Should Know When Preparing For Tax Day

The most dreaded day of the year is has come and gone: Tax Day. Did you survive?

If you’ve just got through the hurdle of filing taxes, you aren’t alone. According to WalletHub, around 27% of Americans wait until April to file their taxes. Even though the process of filing taxes can be simple and straightforward, it’s still one of the most dreaded things for Americans. The idea of screwing up your tax forms and forgetting to claim something — or even just the potential of being audited because of a mistake — can cause a lot of stress and anxiety.

Furthermore, the idea of paying more money to the government (depending on what you’ve claimed on your employment status) is enough to make the most efficient person turn into a procrastinator. Finding out that you owe money to the government is not exactly a happy discovery, and avoidance may often seem like a better option.

But as Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Tax day will come every year no matter how long you put it off.

For anyone out there who experienced the trials and tribulations of tax day, here are a few tips for filing your taxes for next year!

  1. Filing online instead of by paper is one way to expedite the process of filing your taxes. According to the New York State Department of Taxation and Finance, over 90% of all individuals file their taxes electronically.

  2. Working with a professional accountant or paying for tax calculation software are the two best ways to ensure that you don’t make a mistake — and also to ensure that you don’t miss any claims for refunds.

  3. When you’re doing everything at the last minute, it can be tempting to opt for the standard deductions instead of looking at each possible deduction. Even though this seems like a reasonable solution in the immediate future, you might miss out on some important deductions.

  4. Don’t fall for tax preparation scams. This is the time of year that many scammers take advantage of people who are confused about the tax system by convincing people that there are ways to bend the rules. Breaking the rules will lead to a visit from the IRS — or, if you’ve been a victim of a tax scam, it could mean you’ve had your identity stolen.

  5. Most importantly, start planning for the following year’s tax season while you’re already handling your taxes for the current year! You’ll have a better idea about which documents you’ll need and how long it will take you to file your taxes (if you choose to do them yourself). This will help you create an organized filing system for important documents throughout the coming year, and you’ll have a better idea of how much time you’ll need to set aside for filing your taxes next year.

At Bankers Fidelity, we aren’t just your average Medicare insurance company. We believe that it’s important to help our clients live happy and healthy lives, and addressing one of the most stressful events of the year is one way to cut down on anxiety. If you happen to be a pro at filing your taxes, or if you have some great tips that we haven’t mentioned, we’d love for you to leave them in the comments section below!  

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Neither Bankers Fidelity Life Insurance Company®, Bankers Fidelity Assurance Company® or Atlantic Capital Life Assurance Company™ nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance Company®, Atlanta, GA; policy form series A 22392 is issued by Atlantic Capital Life Assurance Company™, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required. Bankers Fidelity is not licensed to sell any products in CA, CT, NY or VT. Medicare Supplement products are not available in: AK, CA, CT, FL, HI, ID, MA, ME, MN, MO, NE, NH, NV, NY, OR, RI, VT, WA, or WI. Plan availability can vary by state.