March 18, 2026

Tax Season, Zero Panic: Get Organized Early and File Without the Stress

Tax Season, Zero Panic: Get Organized Early and File Without the Stress
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Season 2

If taxes make you tense, it’s usually not the math—it’s the mess. Linda Grizely (personal finance educator and creator of the MeMoney™ Method) breaks down exactly what to collect, how to sort it, and how to stop second-guessing what “might matter” before you file your 2025 return. Expect practical steps, a sanity-saving document checklist, and a mindset reset that makes tax season feel manageable.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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W four cy dot com. This week and every week,

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we will reach for a higher purpose in money and life,

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as well as a focus on health and wellness. Now,

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let's join your host, Anita bell Anderson as together we

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start with Asking Good Questions.

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Welcome to the Ask Good Questions Podcast. I am your host,

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Benita bell Anderson, and today, as things usually happen in life,

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something changed. The guests I was going to have on

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with me today had a family emergency. So as you

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and me, baby, we're doing this all on our own

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and we are still going to talk about the topic

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at hand because I am fully qualified to talk about

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this as well. So today's title of this episode is

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called tax season zero panic, Get organized early and file

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without the stress. So if taxes make you tense, maybe

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because you're thinking I haven't even started yet, it's usually

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not the math. It's the mess that you may have

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unintentionally created for yourself. So we're going to break down

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exactly what to collect, how to sort it, how to

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stop second guessing what my matter before you file your

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twenty twenty five tax return. So we're going to talk

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about some practical steps sanity saving, document checklists that you

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can have, and a mindset reset that makes text season

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hopefully feel a lot more manageable for you. So with that,

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we are going to be looking at some PowerPoint slides

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today and so we're going to have some strategy, some tools,

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and some best practices for you. So here's what we're

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going to be talking about today, understanding some big changes

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that happen in twenty twenty six. Now I want to

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direct you to the when did we do it? I

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think it was in January that I did an episode

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with Marsha Mantel on the changes specifically for seniors, so

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that you know, you may have heard about the big

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beautiful bill. You may have heard there's no TAXNOSM. The

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whole thing with no taxes is not correct. There's just

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extra tax credits that you're getting this year. So we're

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going to talk about gathering and organizing essential tax documents.

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We're going to talk about tax preparation tools and services

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that you might use. We're going to talk about strategies

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for tax planning and optimization and avoiding the most common

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pitfalls and ensuring that you have compliance in all of

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this because you don't want to get on the wrong

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side of the IRS. I can tell you that from

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my life it's been an ongoing journey for learning how

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to deal with this every year, learning how to make

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it simpler for myself. And I can tell you that

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for me, I have used a CPA for doing all

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of this because of the complexity of personal taxes as

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well as business taxes. That's kind of changing for me.

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Things are becoming a little bit more simple. In the future,

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I'm going to be using something called TurboTax, so we're

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going to talk about that. We're going to talk about brackets,

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and deductions and credits and exemptions for you this during

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this time today. So there are some adjustments to corporate

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tax rates and revise capital gains taxation. You know, what

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I'm going to tell you too, is that there is

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so much online. If you go to i'd call them

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affectionately doctor Google, or if you go to chat GPT,

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you are going to be able to ask for what

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is the current federal tax rates. You can go and

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do this on your own. There's eligibility rules that have

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changed for key deductions, and there's new reporting requirements spanning

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compliance expectations for things like crypto and other digital assets.

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I'm not going to get into that sort of thing

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in depth. I overall want to give you some strategies

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and some ideas for just starting to pull this all

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together so that it's easier. So, the standard deduction increased

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up it was it's up six percent, so they they're

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calling them inflation adjusted brackets that generally raise income thresholds

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itemize caps, and it may shift itemization vers standard decisions.

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So you know what, in many many cases, and I

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know this applied to us and for me and my husband,

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we're not really itemizing anymore because the standard deduction that

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you're getting is way above whatever we might have possibly

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been able to itemize, and so that's something that should

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be simpler for you now. So there's other things that

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you know, they just kind of go up a little

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bit every year. Childhood dependent care, there's expanded eligibility and

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a higher maximum credit for families with qualified dependents. You

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may notice I'm kind of talking about things in more

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general terms because you know, everybody's situation is so different,

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and so we're just going to talk about some of

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the big things that may apply may not apply to you.

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So the Earned Income Credit, there's updated eligibility criteria to

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allow more low income workers to qualify it, So that's

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a pretty cool thing. And there's education exemptions. There's higher

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exemption limits for tuition and related expenses to encourage education investment.

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So those are all super cool things. So organizing tax documents,

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probably the easiest thing is throwing receipts into a shoe box.

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I'm hoping you haven't done that, And really that doesn't

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really apply anymore, does it, Because if you're not really

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if you really don't need to itemize that much anymore,

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than what's that going to do? For you. So hopefully

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if you haven't done it before, start doing it now.

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Start having things as you get them, put them into

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a tax file. Now. I still like to have a

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paper copy of something to look at, but I have

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my digital I have my tax file on my computer,

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and then I have in my file cabinet thing that

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I have at my desk. I have a taxes folder

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that I'm putting everything in, okay, and so then I

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organize things according to income and things that you know,

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like bank statements that have of the information about interest earned,

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dividends earned, investment, like year end year end statements for

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investments is important because possibly for required minimum distributions if

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you're over seventy two seventy three. Right, So here's some

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things you know. So let's go into it a little

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bit more depth. Income and employment records. What does that mean? Well,

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if you have a job that means you're getting a

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W two, that company that's that you're receiving that W

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two from is going to have some statements for the

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year end. Okay, so you're going to collect that. They're

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going to be giving you a tax statement that tells

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you what what the totals are for twenty twenty five.

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Ten ninety nine's are like you know, like if you're

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self employed, you're going to get what's called the ten

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ninety nine NEC. Those are four more self employment type

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jobs that you might have had. You're going to receive

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a ten ninety nine for that. And then you have

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things that are like ten ninety nine cake, So there

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could be some different ten ninety nine type things. So

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file all of those together or put them all together

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in one place so that you have that because all

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of that sort of thing is going to go on

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your tax form in one place at the very beginning

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of the form. All right, So the other thing that

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you're going to have to start trying to figure out

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is what's going to be taxable and what's not. So

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one of the things that lower income people have available

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to them is like going to the library. So if

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you do not have a bookkeeper, or if you don't

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want to do it yourself, or if you have some

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kind of situation where this is just not going to

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happen for you, contact your local library find out what

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you can do. A lot of times in the past,

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the H and R Block have set up times to

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help people with their tax returns at the local library. Okay,

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so go and see if that's available for you in

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your area. Okay, deductions If you have a business, I

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mean I've been a business owner in my whole life.

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I have had some kind of business ever since I

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was in my twenties, and so business expenses especially, really

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that's the only thing you need to keep out of

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my three seedts for travel and meals and supplies, and

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you want to have what the business purpose was and

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the date to each record. All of those things are

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then going to go on a special tax return for

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your business, and if it's it should be the type

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of business where the income and expenses flow to to

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your personal tax return. But that's one category that if

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you like, for instance, turbo tax can be a good

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solution for helping you organize what's a business expense and

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what is a personal expense? Medical expenses. If you are

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unfortunate enough to have to deal with some fairly large

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medical expenses, store those receipts and the invoices and the

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insurance statements because you never know you might be eligible

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for some medical and dental costs, So keep track of that.

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The other big area is going to be charitable donations. Again,

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I'm not going to be telling you about all the

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ins and outs. There's crazy things you can do, like

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sending a distribution from an IRA can go to a

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charitable donation and that doesn't add to your personal income.

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But I'm not getting into that. I'm just saying for

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charitable donations again, maintain receipts, acknowledgment letters for those donations

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and proof of payment for every contribution. You never know

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when you're going to be able to use a charitable

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donation on your income tax return. And then of course

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there's other deductions. There might be deductions for education costs,

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mortgage interests, and other irs required deductible items. It's hard

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to tell what I just want to do today and

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what I do every time with the Ask Good Questions

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podcast is give you something where you can take some action.

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You're either going to go get some help with like

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an online tax gathering program like Turbo Tax, or you're

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going to go to library and you're going to find

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out what help you might be able to get there,

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or you're going to gather things yourself, or you're going

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to you know, find out where you know, maybe maybe

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you have somebody that can help you with all of

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this as well. So let's talk about investments. Hopefully you've

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got afford Hopefully you've been you know, if you've been

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listening to me, hopefully you've been paying attention to doing investing,

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making sure that you have all of that. That's going

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to fall into two big categories. One is going to

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be bank statements. The other is going to be investments accounts.

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Now like for me, I'm my wealth management company is

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called ten Cap. We have a custodian called Altruist, and

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through that custodian we get investment statements. All right, So

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you're going to gather brokerage and retirement account, your end

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statements for all of the any type of accounts that

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you have. Only thing that's really going to matter on

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investment accounts is those individual retirement accounts. Right. That means

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that if you have if you are of retirement age

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and you have been taking distributions from a retirement account,

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that counts torture income and hopefully you've been sending a

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little bit of taxes to the irs because they take

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whatever income you've had during the year, plus those distributions

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from an ir IRA account. To factor in how much

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you're going to need to pay for taxes, so it's

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important to have your investment accounts. And then you've got

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bank statements. Now, bank statements are going to be like

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interests ten ninety nine i INT. You're going to identify

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gains and dividends from banks, and you're going to use

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those statems the capital gains because those are all at

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those even though they may be smaller, they're all you know,

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little bits of income here and there. So that's all

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income reporting that you have to do. The other type

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of I INT not I in T, but ten ninety

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nine d IV. Those are dividends that might be dividends

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coming from a regular investment account, okay, And so those

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are three very likely places where you're going to be

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looking for some kind of statements, either from banks or

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investment companies. So you're going to confirm retirement contributions if

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you've had retirement contributions to a regular ir A though

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those contributions can be deducted from your income. Right if

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you have been making contributions to a WROTH, you are

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not you are being you're being taxed on whatever that

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income is this year. But then down the road when

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you start drawing in retirement from a roth iray, then

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there's no taxes that come out of that. So you're

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going to confirm what kind of retirement contributions and documents

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that you need for those types of things, and just

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you know, try to get yourself into a space where

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you prepare for these types of things. A lot of

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times when people say I hate taxes, what they're really

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reacting to is either they don't like doing math, or

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they have a fear of mistakes, or they're feeling disorganized.

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So the information in most cases is just likely scattered, right,

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So what that looks like in real life is going

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to be not having your everything in one place. So

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I'm just going to stress that to you that if

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you haven't been putting all this in one place, you're

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going to start now, all right, Because the hidden cost

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of tax stress can be losing sleep over this, You

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can have arguments with your partner, Procrastination, misd deductions, things

247
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like that can all you know, happen to you. So

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trying to help you so that you don't do that.

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So we're going to talk a little bit about tools.

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So there's a lot of software options out there. You

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know already that AI is coming on board in a

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big way, and so there's a lot of things that

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should be making your life easier. Like one of the

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first things I'm mentioning here is guided workflows that reduce

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effort and errow. So I've already talked about TurboTax, and

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I've already talked about H and R block. They are

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strong contenders for helping with a step by step filing

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process for you. So there's AI is getting into everything

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in our lives, isn't it. There's a lot of guidance

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now with AI. AI is kind of being in corporated

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into all kinds of things, including tax software, so there's

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accuracy guarantees with those sorts of things. Bank integrations are

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going to help with making sure that the banks are

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giving you good information. And TurboTax again is strong on integrations.

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I'm not affiliated with TurboTax in any way safe shape

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or form. I'm just you know, this has just been

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my experience. So the cost for things ranges from free

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for software based you know, up to premium tiers that

269
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have to do with helping you with complex business tax reporting.

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Tax Act is another software that is often a value

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leader on paid plans. So the thing that we all

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want to avoid is audience from the irs, and so

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these things are going to help you with online guidance

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to help you to avoid anything like that. And H

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and R Block, like I mentioned, it's possible to go

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to a library and meet with somebody. So H and

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R block also has offices where they add optional in

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person help so you never know. So you know, basically,

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if you haven't really gotten started on your taxes, but

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you know, I've got to do it. I've got a

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month until it's due. We want to have a no

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panic tax season. We just want to get things organized

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and go through it methodically. And you want to have

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some rules for yourself that you just make time to

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make sure this is done correctly. All right, So here's

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some ideas for self prep versus professional help. Self preparation

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is going to cost you less. You already know that.

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Probably it's cost effective and convenient for simple returns, and

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it offers control and flexibility for straight forward finances. And

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so self preparation cons is might be a risk of

291
00:20:35.119 --> 00:20:40.319
missed deductions because you're not aware of something. Another reason

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to use some kind of help like TurboTax or having

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somebody who can check over your work and make sure

294
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that you have not missed something. You don't want to

295
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have any kind of errors because really, if you're going

296
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to get into any kind of unique tax situation, and

297
00:21:00.240 --> 00:21:02.240
it's probably going to be best to have some kind

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of bookkeeper or CPA to help you. Now, what about

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00:21:05.880 --> 00:21:09.920
those are the pros and cons for self preparation? What

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00:21:10.039 --> 00:21:16.720
about professional help? So the pros for using a professional

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00:21:16.759 --> 00:21:23.519
help is expert guidance right for complex returns, maximizing deductions,

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00:21:23.759 --> 00:21:28.680
minimizing audit risk, personalized advice, and really at the end

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00:21:28.720 --> 00:21:33.000
of the day is going to be peace of mind. However,

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the cons for having professional help is higher upfront cost.

305
00:21:39.039 --> 00:21:43.279
So if you're going to have somebody helping you, you're

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00:21:43.359 --> 00:21:46.960
just going to have to plan for pain for their surfaces,

307
00:21:47.519 --> 00:21:51.000
so you're going to have less hands on involvement, and

308
00:21:51.039 --> 00:21:56.039
it may require extra documentation and communication. It's just something

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00:21:56.160 --> 00:21:57.839
that you know, you're going to have to make a

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decision on what is your suit situation, And like in

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00:22:01.160 --> 00:22:05.480
my case, you know, things are changing, things are a

312
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little bit less complex. There's more help that I can

313
00:22:09.319 --> 00:22:13.440
find on my own, and so you know, you have

314
00:22:13.519 --> 00:22:18.720
to see what's going on now. The other interesting thing

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00:22:18.839 --> 00:22:23.279
is the IRS. That IRAS really has quite a few

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online tools. You can go like, there's a tax prep

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00:22:29.200 --> 00:22:33.440
sheet if you go to IRS dot gov. There are

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forms and instructions and interactive assistance that support common filing

319
00:22:39.559 --> 00:22:45.759
and compliance needs. It's really there's actually very surprising amount

320
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of help that you can just go straight to the

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IRS and you can look at you can look at

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00:22:52.079 --> 00:22:56.079
your own online account and view records and payment status

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and IRS correspondence and one secure portal. So I think

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no matter what you're doing, you should look at what

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00:23:06.799 --> 00:23:12.599
the RS has available. Security is important. There usability upgrades

326
00:23:12.640 --> 00:23:18.119
are increasing adoption for do it yourself filers, so just

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00:23:18.200 --> 00:23:23.640
realize that they are trying to be more helpful. They're

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trying to do what they can to help the regular,

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00:23:30.680 --> 00:23:38.599
ordinary filer of a tax return. So let's see, let's

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00:23:38.599 --> 00:23:45.759
go on PAX tax planning strategies. Well, if you have

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a small business or if you are working for somebody else,

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either way you are your own corporation. That's something that

333
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I learned a long time ago is I need to

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take one hundred percent responsibility for myself. So let's look

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00:24:03.680 --> 00:24:07.359
at this time income and expenses. Fore Cast your cash flow,

336
00:24:08.440 --> 00:24:11.440
look at what your income is if it's variable, look

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at and plan for ups and downs with income, and

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00:24:16.160 --> 00:24:20.200
plan spending by month to see timing options you may

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00:24:21.039 --> 00:24:25.039
you know, if you have some some situations where your

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00:24:25.240 --> 00:24:29.680
income ebbs and flows, then you need to plan for

341
00:24:29.880 --> 00:24:34.920
the dips with some savings, right so you might. One

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00:24:35.000 --> 00:24:39.319
thing that can happen is you can defer income shift

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00:24:39.359 --> 00:24:43.119
receipts into twenty twenty six or twenty twenty seven when

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it improves bracket positioning or credit eligibility, if that is possible,

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but that is something that people do. Number three is

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to accelerate deductions. You can pull deductible costs back into

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00:25:00.799 --> 00:25:03.920
this year's tax return to lower taxable income when it

348
00:25:04.000 --> 00:25:09.039
delivers higher value. Sometimes though this type these types of

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strategies does require a CPA, does require somebody who who

350
00:25:13.720 --> 00:25:18.319
prepares tax returns. But the number four thing on here

351
00:25:18.480 --> 00:25:24.759
is to recheck tax impact model, timing changes against brackets, credits,

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00:25:25.000 --> 00:25:29.960
liquidity to maximize net benefit. What that means is like

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00:25:30.759 --> 00:25:34.720
if like one example over the years that was very

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00:25:34.759 --> 00:25:38.200
common for me to be helping people with was converting

355
00:25:38.799 --> 00:25:43.319
a regular tax a regular IRA into a wroth. Well

356
00:25:43.440 --> 00:25:47.039
like if they took twenty thousand dollars out of an

357
00:25:47.200 --> 00:25:53.079
irregular traditional IRA to move it into a wroth, that's

358
00:25:53.119 --> 00:25:56.960
gonna That means that that you're adding twenty thousand dollars

359
00:25:57.039 --> 00:26:05.000
to this year's taxable income. If you have a situation

360
00:26:05.160 --> 00:26:08.640
where your income is down in other areas, it might

361
00:26:08.680 --> 00:26:11.880
be a good time to do that and then move

362
00:26:11.960 --> 00:26:15.000
that twenty thousand into a roth. You pay the taxes

363
00:26:15.039 --> 00:26:17.359
on it now, and then once it's in the wroth,

364
00:26:17.480 --> 00:26:22.920
it's going to grow tax free from then on. So

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00:26:23.319 --> 00:26:25.240
I'm not going to say a whole lot more about that,

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00:26:25.400 --> 00:26:29.160
but that's what I'm meaning is that you can look

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00:26:29.200 --> 00:26:33.160
at what the tax impact is on doing different things

368
00:26:33.240 --> 00:26:36.680
and seeing when it makes sense if you have some

369
00:26:36.799 --> 00:26:42.359
flexibility on what's going on with your income and how

370
00:26:42.440 --> 00:26:49.640
much taxes you pay every year. So deductions and credits

371
00:26:50.880 --> 00:26:55.519
maximize your credits. If you can track your tuition, your fees,

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00:26:55.559 --> 00:26:59.000
your related expenses, maybe for somebody in your household if

373
00:26:59.039 --> 00:27:02.839
it's not you. There are different things that you can

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00:27:02.839 --> 00:27:07.160
get credits for through the American Opportunity and the Lifetime

375
00:27:07.240 --> 00:27:11.039
Learning Credits, healthcare. You know, like I said, at the

376
00:27:11.160 --> 00:27:16.319
very beginning. You know, the deduction, the standard deduction is

377
00:27:16.480 --> 00:27:21.079
large enough now that maybe it's not going to make sense,

378
00:27:21.200 --> 00:27:26.880
But if you've had some significant medical expenses, look at

379
00:27:26.920 --> 00:27:31.680
if it makes sense to itemize those to help you

380
00:27:31.960 --> 00:27:37.640
with your taxes. Energy credits is another area. So are

381
00:27:37.640 --> 00:27:43.640
you getting solar panels on your house, Make sure that

382
00:27:43.720 --> 00:27:49.319
you document home improvements and energy efficient purchases to claim

383
00:27:49.359 --> 00:27:55.039
credits for solar, for wind, other renewable upgrades. You never

384
00:27:55.119 --> 00:27:58.799
know if that's something that's in the works for you,

385
00:27:59.160 --> 00:28:01.079
then make sure you have all your documents for that

386
00:28:01.119 --> 00:28:04.119
because it could make a difference. And then of course

387
00:28:04.240 --> 00:28:08.480
retirement contributions we've talked about a little bit, but contributions

388
00:28:08.519 --> 00:28:12.039
to iras and four to oh one k's that is

389
00:28:12.079 --> 00:28:16.440
all deductions off of your income. So make sure again

390
00:28:16.599 --> 00:28:23.240
we'll just say, coordinate timing and amounts to optimize the

391
00:28:23.279 --> 00:28:25.759
deductions that you get and the credits that you get.

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00:28:27.799 --> 00:28:32.640
And then there's something called phase out thresholds. Stay aware

393
00:28:32.799 --> 00:28:36.440
of income limits and phase out rules for each credit

394
00:28:36.480 --> 00:28:41.359
and deductible and deduction to plan eligibility so you can

395
00:28:41.519 --> 00:28:46.799
download the levels at what you know, Like there's so

396
00:28:46.920 --> 00:28:49.039
much income for the ten percent level, and there's so

397
00:28:49.160 --> 00:28:51.079
much for the twelve and there's so much for twenty

398
00:28:51.119 --> 00:28:57.079
percent taxations. So look at what your thresholds are for

399
00:28:57.200 --> 00:29:00.799
making sure you don't jump yourself into another tax bracket.

400
00:29:02.880 --> 00:29:07.759
So the last thing on maximizing credits is strategic coordination,

401
00:29:08.160 --> 00:29:12.680
all right, align your expenses and your income with the

402
00:29:12.759 --> 00:29:18.720
tax your requirements to maximize overall benefit and minimize tax liability.

403
00:29:19.079 --> 00:29:22.319
Kind of the bottom line on all of this is

404
00:29:22.599 --> 00:29:27.559
just to minimize the tax liability you want to Yes,

405
00:29:27.640 --> 00:29:31.000
you're going to pay what you rightfully should be paying,

406
00:29:31.480 --> 00:29:38.880
but you're going to minimize the tax liability. So there's

407
00:29:38.960 --> 00:29:42.839
gonna be things that you're not sure about, and so

408
00:29:44.160 --> 00:29:47.119
if you're not sure about something, have maybe a special

409
00:29:47.240 --> 00:29:49.599
envelope that you put things that you're not sure about,

410
00:29:50.200 --> 00:29:53.359
and then go find someone to help you figure out

411
00:29:54.640 --> 00:29:57.200
what you know, what the questions are that you need

412
00:29:57.279 --> 00:30:07.519
answers for. So quarterly planning that's probably been the best

413
00:30:07.559 --> 00:30:11.079
thing for me for peace of mind is pain. If

414
00:30:11.160 --> 00:30:15.839
you are like self employed, a taxpayer, and anyone with

415
00:30:16.480 --> 00:30:21.279
like material non wage income, you should estimate and remit

416
00:30:21.359 --> 00:30:26.519
payments quarterly to reduce underpayment penalties, so I've seen that

417
00:30:26.599 --> 00:30:31.720
happen before having an underpayment penalty. Just make sure if

418
00:30:31.759 --> 00:30:36.880
you if you get things organized so that you pay

419
00:30:36.920 --> 00:30:39.480
your taxes on a quarterly basis. If you're a self

420
00:30:39.519 --> 00:30:43.519
employed person, then that's going to go a long ways

421
00:30:43.599 --> 00:30:47.039
towards helping you with peace of mind that you have

422
00:30:47.200 --> 00:30:50.359
remitted payments to the IRS and they and they know

423
00:30:50.880 --> 00:30:54.480
that you've done it in good faith. So start with

424
00:30:54.640 --> 00:30:58.920
your prior year income and your prior year total tax

425
00:30:58.960 --> 00:31:03.359
that you paid. Then adjust it for your projected income

426
00:31:04.279 --> 00:31:07.440
and your deductions and your credits and the tax law changes.

427
00:31:07.519 --> 00:31:11.319
Before setting your quarterly amounts, you can kind of figure

428
00:31:11.319 --> 00:31:14.799
out what it is that you need to do and

429
00:31:14.839 --> 00:31:18.720
then pay on time. Just make sure that every quarter

430
00:31:19.559 --> 00:31:23.000
use IRS online Prime and options. That's all there for

431
00:31:23.079 --> 00:31:27.440
you to check out at the IRS as well, and

432
00:31:27.519 --> 00:31:31.880
set yourself reminders and alerts to meet those deadlines. And

433
00:31:32.039 --> 00:31:36.559
then make sure you retain confirmations to support reconciliation at

434
00:31:36.599 --> 00:31:40.279
filing time. Okay, those are all These are all just

435
00:31:40.400 --> 00:31:46.480
smart strategies to help you with not making any mistakes.

436
00:31:48.559 --> 00:31:53.680
So you're going to avoid these common pitfalls if you

437
00:31:53.720 --> 00:31:59.599
have accurate filing audit, you know, things to avoid audit triggers.

438
00:31:59.640 --> 00:32:04.200
The ough it's been several years, many many years ago

439
00:32:04.640 --> 00:32:08.240
that I was audited. What a pain that is to

440
00:32:08.400 --> 00:32:12.480
have to go back and pull out everything, and it's

441
00:32:12.599 --> 00:32:14.440
kind of like you kind of feel like it's your

442
00:32:14.480 --> 00:32:19.319
word against the IRS's. So make sure that you have

443
00:32:19.480 --> 00:32:24.440
accurate filing, that you're not triggering an audit, and that

444
00:32:24.599 --> 00:32:28.359
you have effective responses, and that you have your documentation.

445
00:32:28.519 --> 00:32:33.359
It's up to you to have your documentation. So of

446
00:32:33.440 --> 00:32:38.920
the tax returns that do experience that, there's there's usually

447
00:32:40.599 --> 00:32:46.680
math mistakes, there's missing forms, there's inaccurate Social Security denvers

448
00:32:46.720 --> 00:32:54.559
can you believe that? Or unreported income. These software programs

449
00:32:54.559 --> 00:32:56.839
that I have mentioned a couple of times here, like

450
00:32:56.920 --> 00:33:02.279
TurboTax and others like it, they have error checks. They

451
00:33:02.319 --> 00:33:06.599
also usually have an actual person that you can pay

452
00:33:06.759 --> 00:33:11.799
a reasonable fee to have a professional review. That is

453
00:33:11.839 --> 00:33:17.200
also going to reduce mistakes and avoid processing delays and audits. Okay,

454
00:33:17.720 --> 00:33:22.839
that is critical. So you know April fifteenth is coming up.

455
00:33:23.000 --> 00:33:26.559
Don't wait till the very last day, right, don't do that,

456
00:33:27.279 --> 00:33:31.759
get this done. Set the time aside, Double check your amounts,

457
00:33:32.599 --> 00:33:37.559
reconcile your income, whatever deductions you think you may have coming,

458
00:33:37.759 --> 00:33:42.720
your whatever credits we talked about those credits. Confirm the

459
00:33:42.759 --> 00:33:47.240
totals before you submit things, all right. Make sure you

460
00:33:47.319 --> 00:33:51.759
have your tax your Social Security number, your taxpayer ID correct,

461
00:33:53.480 --> 00:33:56.880
check your names, sold security numbers, and filing status for

462
00:33:56.960 --> 00:34:03.720
exact matches for official records, okay, and usually filing electronically.

463
00:34:03.920 --> 00:34:06.720
And then if you do have a refund coming that's

464
00:34:06.759 --> 00:34:10.320
going to come back electronically. That is going to save

465
00:34:10.360 --> 00:34:14.159
a whole lot of time too, if you file electronically

466
00:34:14.400 --> 00:34:19.000
and save confirmation research receipts, and keep supporting documents for

467
00:34:19.239 --> 00:34:25.519
at least three years. Now, me, I keep things for

468
00:34:25.639 --> 00:34:30.280
like ten years before I feel comfortable getting rid of it.

469
00:34:30.360 --> 00:34:33.519
But a lot of what I have is now online anyway,

470
00:34:33.559 --> 00:34:37.599
and so I have digital copies of things from you know,

471
00:34:37.679 --> 00:34:40.840
from several years ago, just because once I get rid

472
00:34:40.840 --> 00:34:44.840
of any paper, I don't like to it's hard for

473
00:34:44.880 --> 00:34:47.639
me to completely let go of it. So I make

474
00:34:47.679 --> 00:34:49.880
sure that I keep it because once in a while

475
00:34:50.079 --> 00:34:55.760
I've needed to look at something. So you want to

476
00:34:55.840 --> 00:34:59.519
keep your nose clean when it comes to the irs.

477
00:35:00.719 --> 00:35:04.559
How do you take care of audit triggers and responses.

478
00:35:06.519 --> 00:35:09.800
A common audit trigger is going to be discrepancies and

479
00:35:09.880 --> 00:35:17.679
reported income, unusually high deductions, and mismatches with IRS records. Okay,

480
00:35:17.800 --> 00:35:22.079
that's going to trigger things, so make sure that your

481
00:35:22.079 --> 00:35:28.199
info is correct. There's red flags to avoid large business losses,

482
00:35:29.159 --> 00:35:35.679
excessive charitable contributions, inconsistent reporting. All of this is solved

483
00:35:35.800 --> 00:35:43.320
by having realistic, real records, right, what are the risks, Well,

484
00:35:43.360 --> 00:35:47.400
the potential risk could be increased scrutiny. You could be

485
00:35:47.519 --> 00:35:52.400
subject to penalties and possible reassessment of tax liabilities. Oh

486
00:35:53.039 --> 00:35:54.800
what a waste of time that is if you get

487
00:35:54.840 --> 00:36:00.440
into those sorts of things. So if you do experience

488
00:36:00.559 --> 00:36:06.239
this lovely problem with the I R S, respond promptly,

489
00:36:06.519 --> 00:36:10.079
please please, please, and organize your documentation to speed the

490
00:36:10.119 --> 00:36:13.960
audit resolution. These are, you know, the people that do audits,

491
00:36:13.960 --> 00:36:16.840
they are employees of the IRS. They're just doing their job.

492
00:36:17.639 --> 00:36:21.599
So try to get through it as quickly as possible.

493
00:36:23.920 --> 00:36:29.400
So you want to prevent You know, this is not

494
00:36:29.639 --> 00:36:35.840
about perfectionism in thinking that you've got to have everything perfect,

495
00:36:36.000 --> 00:36:40.360
but strive for just being accurate. Strive to have things

496
00:36:40.400 --> 00:36:44.039
where you know where things are and keeping it, keeping it,

497
00:36:44.199 --> 00:36:50.119
you know, sane and in in control that you know

498
00:36:50.159 --> 00:36:54.440
where things are. So I'm going to finish up now

499
00:36:54.519 --> 00:36:59.360
with just telling you these things. Stay informed. Track the

500
00:36:59.480 --> 00:37:04.559
tax law updates if you are of sol security, age,

501
00:37:04.639 --> 00:37:12.199
medicare aged. Go back to the podcast episode from January

502
00:37:12.239 --> 00:37:17.119
with Marsha Mantel. We discussed in particular the tax law

503
00:37:17.599 --> 00:37:23.920
changes for seniors and so you don't want to have

504
00:37:23.920 --> 00:37:26.199
any surprises when it comes to this kind of thing,

505
00:37:26.880 --> 00:37:30.679
so that you can file with confidence, organize your records.

506
00:37:30.800 --> 00:37:36.079
Organize your records, organize your records, maintain clean documentation for

507
00:37:36.280 --> 00:37:42.079
income deductions and credits. All right, use the right tools

508
00:37:42.719 --> 00:37:47.159
to software or professional support that fits who you are,

509
00:37:47.280 --> 00:37:54.920
fits your situation right and plan and comply, avoid common errors,

510
00:37:55.559 --> 00:38:00.400
follow requirements and optimize your outcomes. Okay, this is just

511
00:38:00.440 --> 00:38:03.880
something that you know we have. We have the irs

512
00:38:03.920 --> 00:38:06.599
for a lot of things that we take for you know,

513
00:38:07.199 --> 00:38:11.320
you know take for granted in this country. You're you're

514
00:38:11.360 --> 00:38:13.320
going to pay your fair share, but you don't want

515
00:38:13.320 --> 00:38:19.679
to make unnecessary mistakes. So we want to make sure

516
00:38:19.760 --> 00:38:24.119
that this can be a process that's faster and cheaper

517
00:38:24.199 --> 00:38:30.000
and less stressful for you and so with that, I

518
00:38:30.039 --> 00:38:34.840
hope I've answered some questions. I hope that you can

519
00:38:34.960 --> 00:38:38.559
if you haven't gotten started, that you start today, get

520
00:38:38.599 --> 00:38:43.079
this done, don't wait till April fifteenth. And if you

521
00:38:43.159 --> 00:38:46.000
have any questions about this, I am going to have

522
00:38:46.079 --> 00:38:50.639
this list on my bonus downloads on my website Benita

523
00:38:50.679 --> 00:38:54.159
bell Anderson dot com. You can find the bonus the

524
00:38:54.280 --> 00:39:00.559
downloads and I'll have this tax like tax prep tlist

525
00:39:00.719 --> 00:39:04.360
here for you. There. So with that, thank you so

526
00:39:04.480 --> 00:39:09.760
much for attending and listening for our tax prep workshop

527
00:39:09.800 --> 00:39:14.719
today on the Ask Good Questions Podcast, and we will

528
00:39:14.760 --> 00:39:15.840
see you next time.

529
00:39:20.480 --> 00:39:24.079
Today's episode is over. But we need ask good Questions again,

530
00:39:24.199 --> 00:39:28.400
didn't We don't miss out as we broadcast live every Wednesday,

531
00:39:28.480 --> 00:39:32.239
six pm Eastern Time on W four CY Radio at

532
00:39:32.400 --> 00:39:36.480
w fourcy dot com. Joined Nina bell Anderson next week

533
00:39:36.519 --> 00:39:42.400
for more conversations with experts on finances, retirement, behavioral finance issues,

534
00:39:42.519 --> 00:39:47.159
health and wellness and more. Until then, remember to ask

535
00:39:47.360 --> 00:39:48.639
good questions