5 Tips to Help You Weather Tax Season

March 01, 2018

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Time flies, especially when you’re facing a deadline. Here are five tips to help you achieve a less stressful tax season.

  1. Get organized. This is not necessarily a difficult step, but it can be time-consuming. See our Tax Return Checklist to help you get your paperwork together.
  2. Decide if you need help from a tax professional. Consulting a tax professional is a personal decision. He or she can bring expertise to the table, including knowledge of the ever-changing tax code to help find possible deductions and potential strategies to lower your tax exposure next year and beyond.
  3. Make your 2018 IRA contribution. Making use of tax-advantaged savings opportunities is important, and one of the best opportunities is to fund your Individual Retirement Account (IRA) before the April 15 tax deadline. For 2018, the maximum IRA contribution you can make is $5,500, plus an additional $1,000 catch-up contribution if you’re age 50 or older.
  4. Consider filing electronically. Because the IRS processes electronic returns faster than paper ones, you may receive your refund earlier. Visit www.irs.gov/filing/e-file-options for more information.
  5. Reinvest your tax refund. Your financial advisor can help you identify investment options to benefit you and your family – your rainy day fund, a college savings plan or your retirement fund, for example. If you create a strategy for your refund now, you’ll be less likely to let that income slip through your fingers.

The closer you get to April 15, the busier your calendar may seem. Talk to your financial advisor today about what you can do to help make tax season less taxing.

Got questions?

  • For tax preparation assistance: Contact a tax professional or the IRS at 800-829-1040.
  • For investment assistance and account questions: Contact your financial advisor.
  • For questions about Edward Jones tax forms: Call the Edward Jones Tax Hotline at 800-282-0829.

Important Information:

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

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