adult(ed) EPISODE 9: TAXES!

Where do I even begin! My mind has been spinning trying to figure out how I even start to write a blog post for this episode. If you find yourself in the deep end of adulting and want some tips when it comes to Taxes, I highly suggest you watch this episode to learn more! It’s information overload, but makes things feel a little less scary. If there were a few big points I took away, these were them…

Check the Receipts
One tip our expert David mentioned was keeping a hold of your receipts. With my job, I’m able to write off things like gas and even grooming needs (nails, hair etc) at times! But sometimes those receipts get stuffed into the bottom of a purse. Something I have found to be so helpful is to keep a little zip pouch in my car for putting all those loose ones in when I’m on the go. At least you know they are all in one place!

Start Thinking of the Future
Believe it or not, the time to start investing in your future is now. It’s great to be thinking about a retirement plan and putting money aside each year to go towards that fund. Not only is it good to be preparing for the future, but it’s going to lower the amount you pay in income taxes. Ask your employer about getting enrolled in a 401(k) or if you are self employed look into an SEP.

Set Aside for Taxes
The worst thing that can happen is getting hit with all these taxes you owe and watching your bank account drown over night. Trust me, this is not a place you want to be in. Get an idea of what you made in the previous years to get a rough estimate of what you could owe the next. Setting aside a little each month to go towards that pile will save you a major headache when it comes to paying your taxes. Plus, you have a much better idea of what you (actually) have in your account!

We came. We saw. We adulted.