Now that you've filed your 2013 tax return - start planning now to file your 2014 return !
The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2014. Here are six things you can do now to make next April 15 easier.
1. Adjust your withholding: Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you'd prefer more money in each paycheck this year. If you owed at tax time, perhaps you'd like next year's tax payment to be smaller.
2. Store your return in a safe place: Put your 2013 tax return and supporting documents somewhere secure so you'll know exactly where to find them if you receive an IRS notice and need to refer to your return. If it is easy to find, you can also use it as a helpful guide for next year's return.
3. Organize your recordkeeping: Establish a central location where everyone in your household can put tax-related records all year long. Anything from a shoebox to a file cabinet works. Just be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax time.
4. Review your paycheck: Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions and other items. These payroll adjustments can make a big difference on your bottom line. Fixing an error in your paycheck now gets you back on track before it becomes a huge hassle.
5. Shop for a tax professional early: If you are consider using a tax professional to help you strategize, plan and make financial decisions throughout the year, consider using TaxPrep911. You'll have more time when you're not up against a deadline or anxious for your refund. Choose a tax professional wisely - choose TaxPrep911. Even though you are ultimately responsible for the accuracy of your own return regardless of who prepares it, a tax professional can help relieve the stress and represent you in case you are audited by the IRS.
6. Prepare to itemize deductions: If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2014 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings. See the IRS - Schedule A Instructions for expenses you can deduct if you're itemizing and then prepare an approach that works best for you.
If you any questions or need help, contact us......let a professional prepare your taxes!!
The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2014. Here are six things you can do now to make next April 15 easier.
1. Adjust your withholding: Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you'd prefer more money in each paycheck this year. If you owed at tax time, perhaps you'd like next year's tax payment to be smaller.
2. Store your return in a safe place: Put your 2013 tax return and supporting documents somewhere secure so you'll know exactly where to find them if you receive an IRS notice and need to refer to your return. If it is easy to find, you can also use it as a helpful guide for next year's return.
3. Organize your recordkeeping: Establish a central location where everyone in your household can put tax-related records all year long. Anything from a shoebox to a file cabinet works. Just be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax time.
4. Review your paycheck: Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions and other items. These payroll adjustments can make a big difference on your bottom line. Fixing an error in your paycheck now gets you back on track before it becomes a huge hassle.
5. Shop for a tax professional early: If you are consider using a tax professional to help you strategize, plan and make financial decisions throughout the year, consider using TaxPrep911. You'll have more time when you're not up against a deadline or anxious for your refund. Choose a tax professional wisely - choose TaxPrep911. Even though you are ultimately responsible for the accuracy of your own return regardless of who prepares it, a tax professional can help relieve the stress and represent you in case you are audited by the IRS.
6. Prepare to itemize deductions: If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2014 may pay off. An early or extra mortgage payment, pre-deadline property tax payments, planned donations or strategically paid medical bills could equal some tax savings. See the IRS - Schedule A Instructions for expenses you can deduct if you're itemizing and then prepare an approach that works best for you.
If you any questions or need help, contact us......let a professional prepare your taxes!!
