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Money Management

Tax Season is Approaching

Get Ready for an Interesting Ride

Oh boy, tax season is looming, and I’m not eager for it this year. Let’s face it, no one really gets excited about tax season – except maybe those who love crunching numbers. This year, however, is gearing up to be a bit more challenging. With all the financial complexities caused by various stimulus packages, income fluctuations, and other factors I’d rather not dwell on, filing taxes is shaping up to be quite a hassle. Despite the impending frustration, it’s crucial to tackle your taxes early and efficiently.

As always, start by gathering all your income sources for the year and create a detailed list. This encompasses earnings from your job(s), as well as any payments received from stimulus checks and potential tax credits related to health insurance. Whether your insurance is through your employer or a market purchase, make sure to have your 1095 form handy.

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On the topic of forms, ensure you obtain your W-2 from your main employer. For any freelance gigs, you’ll need a 1099 form for miscellaneous earnings. While organizing this form may fall on you, if you only freelance for a few clients, you could request them to complete the form instead.

The official starting date for this year’s tax season is still pending from the IRS. This delay might stem from ongoing deliberations. Based on past patterns, though, tax season typically kicks off around early February. So, if you have all your documents in order, consider filing as soon as possible to dodge any last-minute rush.

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