Information courtesy of IRS
If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up a system to keep your tax records safe and easy to find. Here are some IRS tips to give you a leg up on next year’s taxes:
- Take action when life changes occur. Some life events can change the amount of tax you pay, such as a change in marital status or the birth of a child. When they happen, you may need to change the amount of tax withheld from your pay.
- Report changes in circumstances to the Health Insurance Marketplace. If you enroll in insurance coverage through the Health Insurance Marketplace in 2015, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size.
- Keep records safe. Put your 2014 tax return and supporting records in a safe place. If you ever need your tax return or records, it will be easy for you to get them.
- Stay organized and make tax time easier. Have your family put tax records in the same place during the year.
- Shop for a tax preparer. If you want to hire a tax preparer to help you with tax planning, start your search now.
- Think about itemizing. If you claim a standard deduction on your tax return, you may be able to lower your taxes if you itemize deductions instead. A donation to charity could mean some tax savings.
Planning now can pay off with savings at tax time next year. Call today to discuss a tax plan for you!
