Well, its that time of the year again, do you have your taxes done
? Are you someone that gets yours done as soon as you can or do you wait until the last minute? Some of you will get yours done the minute you get your W-2. This is because the sooner you get them done the faster you get your money. If you happen to think that you are not one of the few that gets money back you will wait as long as you can. Doing this really does not help as you do not save any money for this tax like you think you will. In a lot of cases even if you are one of the lucky ones to be able to save up some money for this tax you might not have enough.
If you are lucky to get any money back do you have some idea what you would want to do with it? Most of you do but then a lot of you really just blow it on things you do not really need. You figure that you worked all year for this money so do with it as you please. Most of you might only get a few dollars in which to spend. When you find that you owe money it usually is quite a bit. When this happens you will have to find a way to get your hands on this money or ask for some extra time in which to come up with it. Try to make sure that if you ask for extra time you get this money that you owe.
It is a wise thing to try to buy as many items that you can during the year. There are several you are allowed to claim at the end of each year. You have a deduction for each person in your family and then there is a standard deduction after this. It is so important to keep receipts of everything you buy even if it is a stamp for a letter. If you have your own business even the smallest thing you buy needs to be kept track of and this is why all of these receipts need to be keep.
You will need to keep track of all of these items each year that you have your business up and running. It is your given right to live in this country and pay your taxes but it is nice to receive some money back after working hard all year.