5 Best Tax Tips | Weekend Wanderings

Although we might not want to admit it just yet, tax season will be here before we know it. In order to stay ahead of the game and be properly prepared for this important deadline, we’re giving you 5 tips on how to make this year’s tax return the most effective one yet.  They do say the early bird gets the worm, so in this case maybe us early birds will get the…tax refund? 

 1) Stay organized

This might sound like a given, but simply remaining organized throughout the year can make a huge difference when it comes time to submit your tax return. Keep a file with all of your receipts, copies of employer identification paperwork and other important documents. Check out this article from Bankrate that explains 7 other ways to remain organized all year long.

PS- you’re already planning ahead just by reading this article…so give yourself a pat on the back!

2) Manage deductions

According to this article from TurboTax, it is imperative to keep a running record of all possible deductions throughout the year through keeping receipts. And “keeping a trip log for your volunteer work, job-hunting and doctor’s appointments may seem like a waste of time, but those miles add up and represent deductions,” the article claims. These records should also include:

• Parking, toll and bus or taxi receipts
• Hotels, airline flights
• Charitable donations
• Moving for a new job
• contract help
• Dues
• Support companies ( mailchimp, website hosting, Icloud, continuing education)

3) Lose the losses

“If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes,” says this article from US News. While this can increase your return you also be mindful of the wash sale rule, which states that you can’t buy the same (or similar) stock within 30 days before or after the sale.

So in this case, maybe losing is really winning.

4) Don’t skip the doctor

Between 2018 and 2019, you are still able to claim medical expenses that exceed 7.5% of your adjusted gross income (your total income minus deductions and other adjustments). In 2019, this rate is going up to 10%, so this might be a good time to pay attention to just how much money you can get back. According to TurboTax, medical expenses can include:

• preventative care
• surgeries
• dental and vision care
• psychologists/psychiatrists
• prescription medicine (includes glasses, contacts, hearing aids)

You can also get money back for mileage to and from doctors, as long as this combined with the items on the above list exceed that 7.5% limit.

5) Jobless justice

For some of us, this year past might have meant loss of employment. And while that’s certainly not a joyous occasion, it can mean money back on your taxes by claiming job search expenses. While it is important to pay taxes on any unemployment compensation received (claim this as a wage!), you can also get a tax deduction on “qualifying expenses (related to finding a new job)…even if they do not result in a new job being offered or accepted,” says this article from Time. “Job search expenses might include fees you paid for online search services, outplacement agencies or travel to interviews. The 2015 standard mileage rate for auto expenses is 57.5 cents per mile.”

There you have it friends, our run down of the best tax tips for the year. Be sure to comment your best tips and tricks, and let us know how you’re saving money this new year! 

SHESHE’S TIDBITS

New plans for 2018 SheShe Show posts…..

• On Tuesday’s and/or Wednesday’s, we will be doing SheShe’s Showcase. A great time to discover new brands and shop.
• We will be continuing Weekend Wanderings on Saturdays with all kinds of good stuff. Great reads, sports, current events and more are just a few topics. We hope you are enjoying some of our weekend posts.
• Friday Favorite Fun Finds is coming soon. We are working on a few key outside contributors to bring in food recipes, DIY projects, and more…..so stay tuned as we make this happen.
• And last, we will be striving to save Thursdays for our YouTube post called The Show, which will also be posted here on the blog. Beauty and tips are on our calendar!
• Sunday’s are for miscellaneous posts and special collaborations with brands. It would be fun to have a name here as well. We would love to hear your thoughts.

If we get good at staying ahead, then you can expect to have at least 4 days a week of content from us. 

• Gala’s, weddings, graduations, holidays or just everyday wear…..we have fashion suggestions for you, so stay tuned. Be sure to check out  ShopSheShe  tab at the top in the menu bar. Hover over and choose the category in the drop down. We try to keep it up to date with the latest and greatest for all budgets. Subscribe here and then you won’t miss a post. Simply enter your email in the pop up box when you come to this site or at the top of this page in the subscribe box.
• WELCOME new readers. We are a fashion/travel/lifestyle blog. We talk about anything and everything, from fashion, travel, health issues to even an occasional recipe. If there is a topic that you are interested in, then let us know. We will do our best to bring that story to you. Have a great great week sweet friends and thank you for following along. Without you, we could not continue on this crazy fun journey!