Tax Tips

  1. Tax Tips

Tax Tips

Take the stress out of this tax season by consulting our checklist before you leave home. Below is a checklist of documents to bring with you when you visit your local High Speed Tax office.

While it’s true that income tax preparation can be frustrating and complicated, knowing these basics can save you money, time, and stress.

  1. Understand Taxable Income – The amount of taxes you pay is based on your taxable income rather than your total income. Reducing taxable income means you pay less come tax time.
  2. Pay Attention to Your Withholdings – This is the percentage of taxes taken from your paycheck. We recommend being mindful when adjusting your withholdings so you break even come tax season.
  3. Keep All business-related receipts – Keep track of all relevant receipts.
  4. Take all applicable tax credits – Credits like the Child Tax Credit not only lowers your tax bill, but can maximize your refund
  5. Charitable Contributions – Donate to charity! The IRS only requires receipts for charitable contributions of $250 or more, but it’s a good idea to keep receipts for any donation.