DJ Hassan’s Financially Fit Interview: 3 Tax Preparation Tips

Everyone wants to manage their money better and save, so I'm embarking on a series of interviews with KeyBank about financial fitness. You can catch them on air between 10 am and 2 pm each Thursday or online HERE.

In recently talked with Aaron Hayes, Keybank's vice president of consumer services, about tax preparation. You can listen to the full interview here:

As a quick recap, here are Aaron's three big tax prep tips:

1) Don't procrastinate. We all have until April 15 to file our taxes, but it's really best to gather all the paperwork and set aside a day to file your local, state and federal taxes all at once. Late charges and penalties accumulate quickly, so it's best to rip the band-aid off, so to speak, and get it done with time to spare.

2) Know what paperwork you need. Aside from W-2s from your employers, you may receive 1099s for contract work or self-employment, health insurance forms, interest and earning statements and more. Similarly, if you're planning to take a number of deductions, be sure to understand what is allowed and make sure you have the receipts or other paperwork to back it up. If you're not working with a professional tax preparer, the IRS website is a great resource.

3) Speaking of which, should you hire a professional tax preparer? It's certainly a personal preference, but if your taxes are simple and don't involve many deductions, you could save yourself a few hundred dollars by preparing them yourself. On the flip side, if your tax situation is more complicated, a professional can save you time and hassle in the long run. You may qualify for free tax preparation if you are a member of the military or if your income is below a certain threshold.

Need help with other financial situations? Learn more about KeyBank Plus Check Cashing, other account and credit card options and mortgages online here or stop by one of their convenient locations. You can search for the nearest location here.