A lot will change when you start a family. Of course, most of those big changes will be expected. However, what very few new parents know is that having children can actually change their tax status and how they need to go about filing their taxes. Most parents don’t realize this until it is too late and they have to change all of their documents and tax files at the very last minute. Don’t fancy all that stress? Don’t worry; if you read all the tips in this blog post, you will learn exactly how you can make your family’s taxes a lot less taxing!
Get Someone To Do It For You
If you can’t be bothered to deal with all the taxes for your family, you don’t have to. Thankfully, there are lots of tax specialists out there who can help you with this. You can find out more at www.bswllc.com about the various services that most of these firms offer. They can do your annual taxes for you as well as give you guidance on retirement planning, how your taxes will affect your estate, and filling in multiple states. It’s usually a better idea to hand your taxes over to someone like this as you will be a lot more likely to make some big mistakes when you try and file them yourself!
Keep All Your Receipts
Next, it is important to remind you to keep all of your receipts. It’s also necessary to try and keep them in good order. Don’t just stuff them away in a shoebox and forget about them. It’s better to file them away in something from www.containerstore.com in date order so that they are easy to sort through if you ever need to look something up. That will also make it easier to file them when it’s time to file your taxes. This paper trail will come in very handy when you are trying to claim certain expenses and deductions.
Get Your Children Social Security Numbers
You will need to get your children social security numbers as soon as they are born. Thankfully, most hospitals will have all the paperwork that you need to fill in so that you can do it pretty much straight after labor. Even though you might not feel like doing it there and then, it’s best to get it over with and then you won’t have to worry about it. This confirms the child’s birth to the government and will enable you to apply for all kinds of child-related expenses and child care deductions.
Don’t Do It All Last Minute
Life with a baby is completely hectic and the little one will take up a lot of your time. But that is no excuse to leave your taxes until the last minute. This will give you time to iron out any potential errors that might be made during the filing process. If you leave it too late, it might be impossible to change any issues on your files and that could drastically alter your tax bill.
Tax doesn’t have to be taxing!
Disclosure – I have teenagers who constantly need something and a husband who thinks items like race cars and boats are toys. So, throughout the blog you will find affiliate links that enable me to buy a bottle or two or three of wine to keep my sanity intact.