Know your taxes! I am a big fan of the philosophy: No one cares more about your money than you do. Even if a professional prepares your taxes every year, learn to do it yourself. Aside from what you’ll save in fees, here are two benefits of learning to prepare your taxes yourself:
- By doing your taxes on your own, you can learn quite a bit about your finances and get a lot of ideas on how to make your money work more for you.
- Sometimes a professional might not ask the right question because they don’t know everything that went on in your life this year. If you learn to prepare your taxes yourself, you will become more aware if a professional is missing any deductions.
Educate yourself. This is an excellent place to start â IRS tax tips.
If a professional prepares your taxesâ¦
Set up a meeting with your accountant/tax adviser.