Five Ways to Simplify Tax Season

GRAND RAPIDS, Mich. - March 4, 2015 - PRLog -- In the middle of running your errands and your household, you run right into tax season. While you can’t ignore getting ready for taxes, you can simplify the process. Here are a few ideas to help you do just that:

1. Get organized now.
A system to collect W-2s, 1099s, and other forms and receipts doesn’t have to be complicated. Simply build four file categories:This system is a good starting point, and you can add more categories as needed.
- Employment and Income
- Homeowner/Renter
- Financial Assets
- Expenses and Deductions

2. Fund your IRA early.
You have until April 15, 2015, to make your 2014 contribution to your Individual Retirement Account (IRA) if you haven’t already – but why put it off? The earlier you make your IRA contribution, the more it may benefit from potential tax-deferred growth. This potential growth could make a significant difference over the long term.

3. Take advantage of Online Account Access.
Account access offers several time-saving benefits:
- Your tax forms are available online, so you receive them sooner than by mail. You can even download your tax information directly into your tax preparation software. And if you sign up for e-delivery, we’ll send you an email alerting you when your forms are available.
- Your tax professional can access your forms directly if you set up permission.
- You can electronically transfer money between your Edward Jones accounts and your bank account and fund your IRA before the contribution deadline.

4. Prepare for your tax return’s bottom line.
Will you receive a refund, or will you owe income taxes? Think about what you’ll do with a refund or what money you will use to pay income tax.

5. Start thinking about ways to stay tax smart this year.
Talk with your Edward Jones financial advisor and tax professional now to prepare for next year’s taxes. You may want to discuss tax-advantaged opportunities such as municipal bonds, retirement accounts, and college savings accounts for your children or grandchildren.

Rather than run out of steam, talk to your financial advisor about ways to simplify tax season this year.