Tax season is not something that most people look forward to, but with a few helpful tips from Table-Mate®, you can get them completed and returned in a relatively painless manner. Whether you have a dedicated space for your home office, or you utilize your kitchen table, we can provide the extra prep space that you need for all of the forms you’ll be working with as you do your tax return. Shop our online store to view the portable table trays we offer and enjoy the extra work space.
1. Collect all income and expense information
You have two primary options for deductions when it is time to file your tax returns - itemize your deductions, or take the standard deduction. There are pros and cons to both types of deductions, so you want to make sure to choose the one that is right for your financial situation. You would be better off itemizing your deductions for a few reasons, including whether or not you paid interest or taxes on your home, you had large uninsured medical and dental expenses, or you made large contributions to qualified charities. Making sure that you have all relevant paperwork organized and ready to go will help as you make these decisions.
2. Review last year’s tax filing
For most people, the majority of the changes in tax law from year to year are relatively slight, and looking at previous tax filings can be a good reminder of some of the items that shouldn’t be overlooked. For example, interest, dividends, and infrequently used deductions are all easy to overlook, but a quick review of the previous year’s filing can be a great refresher. Keeping personal records allows you to quickly identify any changes or omissions that you need to address in this year’s tax return.
3. Automate Tax Calculation and Filing
While the IRS has made efforts to simplify your tax calculations and filing, it can still be a frustrating process for many. The good news is that there are a variety of software programs that can do all of this work for you in a relatively inexpensive manner. Some of the most popular software programs are offered by TurboTax and H&R Block. Unless you truly enjoy spending hours with a book on the tax code, a calculator, and a plethora of tax forms, it would be a good idea to purchase one of these affordable software programs and let it do the work for you.
At Table-Mate®, we know that sometimes it can be hard to find the work space you need when it’s time to spread out all of the papers involved with tax returns. Our portable table trays are ideal for giving you the space you need and then fold up for easy storage when you’re done. Browse our online store today to find the right table for you!