When Can Taxes Be Filed - It's that time of year again, tax season! Whether you're a freelancer, small business owner, or working a 9-5 job, filing your taxes is crucial to keep your finances in order. But with so much information out there, it can be overwhelming to know where to start. Here are some tips and tricks to help you navigate the tax filing process.
Can Taxes Affect My Credit Score?
Don't Let Your Taxes Bring Down Your Credit Score
Did you know that your taxes can have an impact on your credit score? When you owe taxes, the IRS can place a lien on your assets, which shows up on your credit report and can hurt your credit score. Additionally, if you owe back taxes and are unable to pay them back, the IRS can report the delinquent amount to credit bureaus, which will damage your credit score even more.
How Long Should I Keep My Tax Returns?
Organize and Store Your Tax Returns Properly
Once you've filed your tax returns, you may be wondering how long you need to keep them. The general rule of thumb is to keep your tax returns and supporting documents for at least three years, but some experts recommend keeping them for up to seven years. Make sure to keep them organized and stored in a safe place, such as a fireproof cabinet.
Haven't Filed Taxes for Years! What to Do?
Take Action and Get Your Taxes in Order
If you've fallen behind on filing your taxes, don't panic. The first step is to gather all of your necessary documents, such as W-2s and 1099s. You can file your past tax returns using the IRS's Free File program or hire a tax professional to help you. Additionally, if you owe back taxes, you can set up a payment plan with the IRS to pay off your debt over time.
How We Filed Our Taxes (For Completely Free)
Save Money and File Your Taxes for Free
Filing your taxes doesn't have to be expensive. There are many free tax filing options available, such as the IRS's Free File program or online tax filing software like TurboTax or H&R Block. If you have a simple tax return, you may even be able to file for free directly through the IRS's website. By taking advantage of these free options, you can save money and make tax season a little less stressful.
By following these tips and tricks, you can make tax season a little easier and avoid any potential headaches down the road. Remember to stay organized, keep track of your documents, and file on time to avoid any penalties or fees. Happy filing!
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