Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (2024)


It’s that time of year that we all, especially us freelancers dread- tax season! Over the past few years, tax prep has become completely overwhelming to the point that it feels as if I take on an entirely new job. Most staff or salaried employees only receive one w2, but as a freelancer, everyone of my clients sends me a separate 1099 form. This mountain of paperwork, coupled with the need to save every receipt and document every single expenditure, as well as documenting each and every expenditure is mind boggling. And to add to the workload, Jason too is self employed. That’s double the receipts, double the 1099s, and double the bookkeeping!

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (1)Keeping our paperwork organized and running efficiently is critical to daily operations. Recently, while printing docs to send to the accountant, we realized that it was time for new printer. Our old machine liked to freeze up, or print partial pages due to clogged up inkjets, so we needed to make a change fast. After researching a few printers, we discovered the Canon MegaTank All-in-One Printer. As you know, I am a lover of all things Canon, so I was sold as soon as I learned some of its capabilities. Since Jason and I both work from home at times, we may need to print from multiple computers or devices. With that, Wireless printing is a must.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (2)I am not a very tech savvy person by any means. When it came time to set up our printer, I am happy to report, I did it all by myself. This included filling up the refillable ink tanks. Since the MegaTank has integrated refillable ink tanks, you can print up to 30 times more ink compared to standard cartridge sets, allowing you to print larger quantities of documents for longer periods of time. With a Continuous Ink Supply System, the ink tanks are outfitted with multiple airtight tubes, delivering a continuous flow of ink that makes printing larger quantities more efficient and productive. Considering the way our last printer clogged up and printed partial pages, I was excited by this ink system.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (3)This Canon MegaTankcan print up to 6,000 black text pages and 7,000 color pages, so what does this mean? It takes a lot for this bad boy to run out of ink. With printing everything from tax documents, to kids’ homework, to photos, there is no need to run to a copy shop to get it all done. Plus, with two full-size BONUS black ink bottles that come with the machine, you can print up to 18,000 black and white pages!

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (4)

I even downloaded the Canon Print App, from the App Store, so I could print directly from my smartphone! This feature is key for me, since I usually multitask, working off my phone and computer throughout the day.

Another feature that wasn’t available on my previous printer was the auto document feeder, allowing me to scan, copy, or fax multi-page documents. This is major! After a package to our accountant went missing last year, I will never send anything off without having another copy on hand. Fortunately, that package surfaced. But if the documents got lost in the mail, starting from scratch would have been a disaster.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (5)

Through the years, we have found little tricks to make tax season less stressful. We review finances on a monthly basis. We also balance all bank and credit card statements as soon as they are generated. It’s tough to find this time each month. But I promised its much easier than trying to enter or reconcile 12 months of statements.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (6)

Previously, I thought having my credit card statements were enough. An audit a few years ago taught me otherwise. I will tell you this: save all of your receipts, and keep a log of your business activities. This will help you determine what that meal in November was for, and why you took a $30 cab in June.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (7)

Find an accountant who understands your business. I’ve been through several accountants over the years, and learned how important this can be. Some tax professionals specialize in certain field, and have a greater knowledge of your specific needs and business practices.

Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (8)

And my final tip, get the Canon MegaTank All-in-One Printer. By allowing me to print so many tax documents at once, minus the paper jams and ink issues, it has saved us this tax season. And I’ve started printing out my favorite photos from our Paris trip. I cannot get over the quality of my new printer!

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Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (9)

photography: Lauren Kara

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14 thoughts on “Tips & Tricks For Making Tax Season Less Painful”

  1. March 15, 2019 at 3:40 pm

    I love this! Anything I can do to make tax season easier and less like pure torture is always welcome. Doing taxes is the 9th circle of Hell.

    Reply

  2. Deanna

    March 15, 2019 at 5:49 pm

    Canon products are wonderful and this seems like an asset for the home office. I’ve used the same tax preparer for 18 years, as she is very informed of how to handle taxes for the self employed. I dread this time of year and gathering up all the necessary documents.

    Reply

  3. March 16, 2019 at 12:01 am

    You have the right idea– get organized to make preparing taxes go much more smoothly. We have a special place we keep all financial statements, paystubs and past tax statements. It makes it a snap when it’s actually time to sit down and plug in the numbers when we’re ready to file. No looking, no searching, no headaches.

    Reply

  4. Jacque Hooper

    March 16, 2019 at 6:24 pm

    Sounds like an awesome printer! I Just bought an Epson about a week ago; what a bummer as this one sounds awesome!

    Reply

  5. March 16, 2019 at 6:25 pm

    I am in need of a new printer! I found your post at the right time, it seems! Like you, I am also a fan of Canon products; they’re great!

    Reply

  6. Catherine Santiago Jose

    March 17, 2019 at 2:50 am

    Wow, that was an awesome printer and I am glad that it has a feature that you can print from your phone. Canon really have a great products and I love them!

    Reply

  7. March 17, 2019 at 8:51 am

    For me, an accountant is definitely the way forward. I find it a headache and just prefer to set aside money to pay them this time each year!

    Reply

  8. March 17, 2019 at 11:23 am

    I have always had a Canon printer and it never lets me down.

    Reply

  9. March 18, 2019 at 10:50 am

    I love your office space…so beautiful and stylish! The printer looks great. Canon is such a great brand you can never go wrong!

    Reply

  10. March 18, 2019 at 3:03 pm

    My printer just died on me and now I am seriously considering the Canon printer after reading your post. The printed photos look great

    Reply

  11. March 18, 2019 at 7:56 pm

    That printer looks so nice! I’ve been in the market for a new one for a while, I’ll have to check this one!

    Reply

  12. March 20, 2019 at 6:20 am

    Tax season sounds ever so complicated in the US! This is a great guide for making it a little easier for people.

    Reply

  13. Miriam

    April 24, 2019 at 10:39 pm

    I know it’s a little late for this year–or even a lot late for freelances/payers who hire subcontractors. But for any entrepreneurs out there looking for cheap 1099 software for January tax prep, I recommend this software provider: https://www.1099-etc.com/

    Reply

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Tips & Tricks For Making Tax Season Less Painful | Stroller in the City (2024)

FAQs

What are some ways to make tax season easier? ›

Steps you can take now to make tax filing easier
  1. View your tax owed, payments, and payment plans.
  2. Make payments and apply for payment plans.
  3. Access your tax records.
  4. Sign power of attorney authorizations electronically from your tax professional.
  5. Manage your communication preferences from the IRS.
Mar 19, 2024

How to make tax season less stressful? ›

Stress-Relieving Tips

To avoid last-minute stress, file early and break up the job into little pieces, Mellan suggests. Do your taxes while listening to music or whatever else makes you feel relaxed. For filers with math anxiety, Mellan recommends hiring a preparer or investing in tax software.

What are two ways you can make tax season a little easier for yourself? ›

The earlier you start, the less stressful it will be. Make sure to gather all of your tax documents, including W-forms, receipts, and bank statements. If you're self-employed or have a side hustle, make sure to track your expenses throughout the year. This will make filing your taxes much easier.

What are box 7 social security tips? ›

If you receive $20 or more per month in cash tips, report that income to your employer. Your employer will report your tip income on your W-2, Box 7 (Social Security tips). The law assumes an average tip rate of 8%, and it expects employees to report tips at least 8% of the gross food and drink sales.

How to get the most back on taxes? ›

4 ways to increase your tax refund come tax time
  1. Consider your filing status. Believe it or not, your filing status can significantly impact your tax liability. ...
  2. Explore tax credits. Tax credits are a valuable source of tax savings. ...
  3. Make use of tax deductions. ...
  4. Take year-end tax moves.

What are 3 ways you can prepare for taxes? ›

Three ways to file your taxes
  • E-file: going paperless. ...
  • Tax preparers: going pro. ...
  • Paper returns: going traditional. ...
  • Keeping documents organized. ...
  • Gather personal information. ...
  • Collect income data. ...
  • Make a note of itemized deductions and credits. ...
  • Document taxes you've already paid.

Why is tax season so stressful? ›

Financial stress can happen all year long. While tax season is only a window of time, it comes with something that can be daunting: a deadline. Some might find a deadline motivates them to get things done, while others can feel paralyzed by it, said Dr.

How stressful is tax season? ›

One of the major takeaways: It's clear that, despite most people having a good grasp of their taxes generally, there's still a noticeable craving for better understanding. An impressive 64% admitted that tax season introduced a level of stress to their lives, reinforcing the need for improved financial literacy.

What are the most common ways to reduce taxable income? ›

In this article
  • Plan throughout the year for taxes.
  • Contribute to your retirement accounts.
  • Contribute to your HSA.
  • If you're older than 70.5 years, consider a QCD.
  • If you're itemizing, maximize deductions.
  • Look for opportunities to leverage available tax credits.
  • Consider tax-loss harvesting.

What's the best place to do your taxes yourself? ›

Compare the Best Tax Preparation Service Providers
CompanyCostFree Self Filing Option
H&R Block Best Overall$89 and upYes
Jackson Hewitt Best for Ease of UseVariableNo
TurboTax Live Best Online Experience$119 and upYes
EY TaxChat Best for Self-Employed$199No

Can you calm yourself on taxes? ›

You cannot claim yourself as a dependent on taxes. Dependency exemptions are applicable to your qualifying dependent children and qualifying dependent relatives only. You can, however, claim a personal exemption for yourself on your return. Personal exemptions are for you and your spouse.

What are two ways you can reduce what you pay in taxes? ›

Claiming tax deductions and credits is the easiest way to lower your federal income tax bill. Business owners may be able to reduce taxes by changing how they receive compensation. Workers who freelance or have side gigs may be eligible for business deductions, such as those for a home office or business travel.

What is box 7 on taxes? ›

Box 6 "Medicare tax withheld": This is Medicare tax withheld from your pay for the Medicare component of social security taxes. The rate is 1.45% of the Medicare wage base. Box 7 "Social Security Tips": This is total reported tips subject to social security tax.

What is box 3 on Social Security? ›

Box 1 (Wages, Tips and Other Compensation) represents the amount of compensation taxable for federal income tax purposes while box 3 (Social Security Wages) represents the portion taxable for social security purposes and box 5 (Medicare Wages) represents the portion taxable for Medicare tax purposes.

What are Social Security tips on taxes? ›

Social Security tips are the discretionary earnings (tips) an employee receives from customers that are reported on their W-2 and subject to Social Security taxes. This includes cash tips, credit/debit tip charges, and non-cash tips.

How can taxes be improved? ›

Recommendations
  1. tax all new corporate investment income only once.
  2. remove all corporate subsidies in the Code and strengthen corporate anti-sheltering provisions.
  3. integrate payroll and income taxes for individuals.
  4. introduce return-free filing for many taxpayers.

What makes a tax more efficient? ›

A good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease.

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