Prep for Tax season

Hello Swarm Single Moms

Today much of the country is either in a snow hostage situation or in a frozen state.  What does this mean for your day?  It is a good day to get busy and prepare for the upcoming tax season.

In order to expedite your tax refund (if you are getting a return), you might want to consider having your w-2 emailed to you.  Some companies are offering this alternate way to receive your w-2 although some employees are hesitant to sign up for it.  It is truly a personal choice and I would not offer any advice on choosing this option over the U.S. mail.  From what I understand from my employers the difference in receipt is only a matter of a couple of days.  You decide what is right for you.

No matter what way you choose to receive your tax prep paper work, it is a good idea to make sure your have the information at hand when the time comes for you to 'do your taxes'.  For instance, do you have all the information that you will need to complete your federal, state and local taxes?

If your kids attend day care (even after school care) you will need the tax identification number as well as the address for the site your children attend.
If you have religious contributions you will need their i.d. number and address as well. Plus you will also need the amount you have spent at daycare and the amount you have contributed to your religious organization so you can make your claim.
If you contribute to any non-profits you will need their i.d. number, address and amount of contribution (in the way of receipts) in order to make your claim.

Now is the time to collect this information so you can prep and send your tax papers out.

The only time I do not suggest being in a rush to send out your taxes is when you owe money.  Preparing early is recommended so you can get your payment ready (although you do not have to mail this out until April 15!).  This date rarely changes but it can so watch for any notices that will alert you in order to prevent penalties.  Nobody wants to pay a penalty.

As always...use your down time for good.  Even if that means making some hot cocoa for your kids while they play in the snow.