Friday, 21 September 2012 08:29
It may seem
strange to start thinking about next year’s taxes already, but the better
prepared you are, the more money, time, and stress you can save when tax season
rolls around. Here are a few items that you can start working on now.
until the last minute to get everything together and organized causes stress
and can cost you by not having everything you need to file. If you haven’t
already, start a folder with all of your tax related items. If you have
multiple people filing in your household, designate a place where everyone can
put their documents.
fallen behind putting your information in your tax software for the year, now
would be a great time to catch up rather than up against a deadline in April. Plus,
this will also help give you a good idea of where you’ll be at the end of the
year and if any adjustments need to be made prior to tax season.
Search for a professional
If you will
need a tax professional, it would be a good idea to start the search now to
make sure you get the right person for the job. There are great resources for
selecting a tax professional at www.irs.gov.
Brush up on changes
If you will
be doing your taxes yourself, start researching changes for this year’s tax
filings now. You don’t want to be reading all the changes in April and trying
to comply at the last minute. You can find out about tax law changes by
If you owed money last year, you
may want to take a look at your tax withholdings and decrease the number of
personal allowances on the W-4 form. There’s still time to make adjustments to
your withholdings that will hopefully result in less money owed at tax time (or
even a refund).
The above is not intended to be tax advice, was not written
by a tax professional and is informational only. Please consult a tax advisor
for your specific situation.