Step 1: Keep records of your spending!

Be organized! When you calculate your deduction, make sure that you have accurate records of your mileage, contributions, and company costs, if you own one. From paper receipts to different mileage monitoring applications and electronic document archives, there are plenty of solutions for keeping tabs on these outlays.

Step 2: Check your finances!

If you check in on your finances on a regular basis and plan ahead, we can only congratulate you! This way, you’ll be able to see any changes that need to be made long before they have an effect on you. It’s always better to be safe than sorry!

If your tax situation has changed due to different factors, such as a new member in the household or a reduction in your number of dependents, the best thing to do is to review your W-4 and make some changes if needed.