It’s April 18, 2017–the dreaded Tax Day. Hopefully, you’ve already sent in your tax return and are awaiting a nice, hefty refund. And that means it’s time to take a big sigh of relief and celebrate.
Here at CutCableToday, that means turning back to one of our favorite shows to stream over and over, Seinfeld. Jerry and the gang had a way of making the most normal aspects of life seem interesting. Yep, even the biggest headache of the year–income taxes.
So let’s take a look at 5 lessons Seinfeld taught us about dealing with taxes. Hey, maybe they can help those of you who are frantically trying to finish up!
Note: You can stream every episode of Seinfeld, including the ones mentioned here, with a free Hulu trial. Learn more about Hulu in our review here.
#1 Don’t Overlook Those Write-Offs
When it comes time to do your taxes, you’ve got to dig deep to ensure you aren’t overpaying. That means you need to take every write-off at your disposal. So make sure you educate yourself. Of course, if you approach it like Kramer, you might end up taking a write-off you’re not entitled to. And unfortunately, ignorance is no defense with the IRS.
#2 Scan Your Receipts
— Jerry Broussard (@Cajunmoney) March 8, 2017
Is there anything worse than scrambling around at tax time trying to dig up old receipts? Jerry learned the hard way when his accountant tossed his paperwork after George broke up with her. If only he had kept copies. Of course, now days there are a ton of apps that allow you to snap pictures and easily sort your receipts. Amazing how the technology has shifted since the show aired.
#3 Make Sure You Understand the Difference between Independent Contractors and Employees
Whether you hire out or you work for others, it’s important to know the distinction between and independent contractor and an employee. It can make a huge difference on how you handle your taxes, so educate yourself.
#4 Be Careful When Choosing Your Accountant
I can’t tell you how many times someone has told me they “had a guy who does taxes cheap.” Jerry learns the hard way that you need to a reputable accountant. Otherwise, you could end up losing a ton of money along the way. So do your homework and thoroughly vet whoever you let handle your taxes.
#5 Don’t Mess with the IRS
In the end, the IRS has the real power. As Jerry points out, the IRS is kind of like the Mafia. The last thing you want to do is get on their bad side or owe them money. They’ll get what’s coming to them. So walk the straight and narrow, get your taxes done on time, and pay what you owe.
Let’s lighten the mood on this tax day. What’s your favorite Seinfeld moment? Discuss in the comments below!
Disclaimer: This blog post is written for fun. We aren’t tax professionals and don’t claim to offer any real advice. If you have tax questions, speak to a professional!