It's That Time Again!
Author: Jenny Shilling
December is here and time is passing quickly. Sooner than you know it, April 15th will be here. Now is the time to start organizing your tax information. Here are some tips to ease the process:
- What is your filing status? Did you marry or divorce? Has the stork dropped off any bundles of joy this year? Any big change to your life can dramatically change your filing status.
- Receipts! If you made any significant donations to charity you will need to have documentation. Did you engage in any business travel or entertainment? The IRS requires documentation to back up any deductions in this area. Your smartphone can help you keep track of your receipts.
- How did you file last year? Did you have your taxes prepared by a qualified tax professional or did you file them on your own. While using a qualified tax preparer may cost you a it in the short run, they are up to date on tax changes and can save you more in the end.
- Tax payments - when taxes are due in April you certainly don't want to be accruing penalties and interest. To make tax payments easier start setting money aside from your paychecks. This way when April gets here you will be prepared.
