Now that you survived the first tax season since the Covid-19 Pandemic, let's start making updates to your personal finances and records. You don’t need a degree in accounting to audit yourself after tax season, but be aware that it is vital to make sure your financial plan is up to date and realistic.
Let's start by assessing what you may owe. If you owe more to the Internal Revenue Service (IRS), this could mean you were under-withholding from your wages and no one likes a surprise bill come April 15, 2022. However, if you received a large tax refund, you may also need to make adjustments to your withholding, because this can mean you’re giving more money to the government each month and you don't want to be that person.
So, What About These Papers?
If you are a homeowner, a business owner, or itemizing your taxes, you may have piles of paperwork you accumulate after-tax season. However, it is important to keep this information for at least three years and longer if you purchased a home or stock. Afterward, make sure you are shredding these documents.
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