’Tis the season, once again. Tax season is right around the corner. April 15 is quickly approaching, and if you’re worried about preparing your taxes, you’re not alone. For many Americans, tax season is a stressful time.
You want to be sure you file an accurate return and also take advantage of all the deduction opportunities for which you’re eligible. Nobody wants to get in trouble with the IRS or pay more taxes than necessary. By taking a few planning and organizational steps, however, you can increase your preparedness and simplify the process.
Did you just retire? If so, congratulations! This is the time to sit back, relax and enjoy your newfound free time. Travel with your friends or loved ones. Whatever makes you happy, now is the time to do it!
You probably spent a considerable amount of time planning for this time in your life. Hopefully, that planning included developing a budget and an income plan. You also may have worked with a financial professional to develop an investment plan.
All of those planning tools are helpful, however, they’re only effective if you implement them. In retirement, it’s easy to deviate from your plan. You might take a vacation that’s outside of your budget. Or, fearing loss in the market, you may shift to an allocation different from your retirement plan.