The 2024 tax filing season is over, but planning ahead can save you money and headaches.
If there are any changes that have occurred since the start of the year, taxpayers will want to update their withholdings. For instance, if you had a new baby in January or later, you should update your W-4 to reflect that. “Depending on how many dependents you have, that could help out in terms of providing some better cash flow throughout the year.
Throughout the year, keep track of any deductions you will need to account for later such as mileage expenses, donations to charity, or business expenses, and allocate them.
Rather than just keeping a stack of paper receipts scan or taking a picture of pertinent documents to store digitally for organization.