Answers to the Most Common Tax Questions

February 20, 2018

Answers to the Most Common Tax Questions

It seems like the holidays were not that long ago and yet here we are, in the middle of tax season. If you are like most people, this is one season you wouldn’t mind skipping.

The reason most of us have an aversion to filing our taxes is the uncertainty and confusion surrounding doing them. Unfortunately, this confusion and uncertainty can cause us to stall and procrastinate. This is proven by the millions of Americans who choose to take advantage of the six-month filing extension each year.

To help you feel a little more in control this year (and reduce your chance of procrastinating), I’ve rounded up some articles that provide answers to some of the most common tax questions.

What is the Deadline to File Taxes This Year?

2018 Tax Filing Season — IRS
We know April 15, as the traditional deadline to file each year. However when that date lands on the weekend or a holiday, then the deadline is shifted. And that is the case this year (2018). Due to April 15, falling on a Sunday and Monday, April 16, being a legal holiday in Washington D.C., this year’s deadline is Tuesday, April 17.

What Documents Do I Need to Gather, and When Should I Receive Them?

What Do I Need To File My Taxes? — H&R Block
Regardless of whether you’re doing your taxes yourself, using software, or hiring a tax professional, making sure you have all the necessary documents gathered before you file will make the process so much smoother. This printable checklist will ensure you are 100% prepared.

Due Dates For Your W-2, 1099 & Other Tax Forms In 2018 — Forbes
You know to expect a W-2 from your employer, but it’s not common knowledge what else you should be looking for. Here’s a table of documents you should expect in the mail depending on what applies to your situation.

Do the New Tax Changes Affect My 2017 Taxes?

When Will the New Tax Plan Kick In? — The New York Times
For the most part, the new tax law affects your 2018 taxes. But because of some of the expected changes, it may make sense for you to take action this year. This article explains which scenarios may warrant action now.

Tax Reform Changes That Impact Your 2017 Taxes — TurboTax
Some of the expected changes will be retroactive. This highlights which ones.

Should I File My Taxes Myself, Use Software, or Hire a Professional?

Should I Pay Someone To Do My Taxes? — the Balance
There are many things to consider when deciding to DIY your taxes or get some help. Learn how to weigh your options.

12 Times When It Makes Sense to Hire a Tax Preparer — U.S. News & World Report
Many people file their taxes using a professional when they would be better off doing their taxes themselves. On the other hand, there are many self-preparers whose circumstances warrant paying a professional. This article highlights the scenarios that justify the expense of a professional.

When Should I Stop Claiming My Adult Child as a Dependent?

The Dirty Dozen: 12 Tricky Tax Dependent Dilemmas — Turbo Tax
Lots of questions surround the topic of claiming dependents on your tax return. This article clears up the confusion.

How do I file taxes for the first time?

9 Tips for Students and Others Filing Taxes for the First Time — NerdWallet
This article provides some great tips for first-time filers and clears up a common misconception.


11 Common Questions About Taxes, Answered — Forbes
This article is a little dated, but it provides some good general information to help you gain a better understanding of taxes.

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Don’t Delay This Year!

Hopefully, having answers to these common tax questions will inspire you to get started on your taxes sooner rather than later this year. Completing your taxes may not be fun, but once they’re done, you’ll have the satisfaction of knowing you won’t have to think about it for another year!

How do you feel about doing your taxes this year?

Does doing your taxes confuse you? Does it make you want to avoid filing your taxes? Don't let the confusion and uncertainty lead to procrastination. Here are answers to some of the most common tax questions. #moneytips #taxes #personalfinance #money