4 Tax Hacks to Keep Your Money Flowing

Happy tax season, everyone! In partnership with Lightheart, Sanders and Associates, we've compiled 4 great tips to help students keep more of their "MONEY IN" as we head towards Tax Day on April 15th.

Tax Hack #1: Know the difference.

Employees have a structured relationship with employers, who withhold taxes and may provide retirement or health benefits.

Independent 1099 contractors have more autonomy, handle their own taxes, and lack employee benefits. They also have the opportunity to deduct expenses.

Tax Hack #2: Set aside enough $$$.

If you are self-employed, be aware of self-employment taxes, which is 15% of your net income. If you're an employee, review your W-4 to ensure that you're having the right amount of taxes withheld from your paycheck.

Tax Hack #3: Start early.

Starting early to contribute to a retirement plan, such as an Individual Retirement Account (IRA), allows you to take advantage of compounding growth over time, potentially maximizing your retirement savings and taking advantage of tax benefits.

Tax Hack #4: Get help.

Finding a reputable tax professional can help ensure you navigate complex tax laws effectively, potentially identifying deductions and credits you might miss on your own, leading to a more accurate and advantageous tax return.

For more information, get in touch with our friends at LSA.