How To Assure You Get All the Money You’re Owed by the Government
No one wants to miss out on an opportunity to put more money into their bank account, and despite what you may think about tax season, it’s actually a potential opportunity to do so.
You might have dollars owed to you in the form of refunds, tax breaks, and more, depending on your specific situation. Pretty exciting, right?
The only problem is that it’s hard to know how to file the right papers in order to ensure that every cent owed to you ends up in your hands.
Sure, you can e-file your tax returns and forget about them, but even the most meticulous person, with color-coded folders and envelopes, doesn’t always understand the ins and outs of the updated tax code in a way that puts them ahead of the game.
What’s more, there are more times than just tax season that present an opportunity to get all you’re owed by the government. Federal employees, for example, have all kinds of benefits at their fingertips.
Don’t wait until someone’s handing you a gold watch to ask questions about the retirement package offered to federal employees or until you’re in the ER to ask what kind of health insurance you get.
That’s a bit late, wouldn’t you say? Let take a gander at some routes you might take to get all the money you’re owed by the government without too much initial hassle on your part.
Ask the professionals about your federal benefits
If you’re one of the nearly 20 million federal employees in the United States, you are eligible for some hefty federal benefits. That means health insurance, of course, but also retirement planning. It’s not just a matter of signing a random dotted line, either.
You have the opportunity to make choices about your golden years, and you should be sure that you’re consulting with professional certificate holders when you’re making those decisions.
The good news on this front is that there are people who have been trained to aid federal employees in making the best choices for their health insurance and retirement plans.
By speaking to folks like those at My Federal Plan, you can be sure that the federal payments that you get once retired are amenable to your lifestyle and needs.
Work with tax preparers you can trust
This should be a basic tenet of tax season, but it goes deeper than just trusting tax preparers with sensitive information like your Social Security number.
You also need to trust them to make good use of the big chance to get federal payments you may be eligible for.
Your tax return envelope should be crafted with your best interest in mind. It’s up to you, of course, to come to the meeting with tax return folders and every W-2 or 1099 neatly filed, but your tax preparers shouldn’t be padding those folders with extra Schedule C paperwork that will only cost you more. Grab business cards from several tax preparers and go with the one you know will send you appropriate invoices.
Stay apprised of basic financial news
In order to know what questions to ask your CPA, it’s a good idea to stay apprised of the financial happenings in your state, as well as at a federal level.
This doesn’t mean you need to become an avid reader of the Wall Street Journal, but it doesn’t hurt to subscribe to a bite-sized financial podcast or blog.
Taking 10 minutes out of your day to hear what the government has been up to may end up being one of the most important and biggest financial tasks you undertake—and it might even end up being fun!
A blog or a podcast might be the best financial accessory you add to your arsenal.