You may be tempted
to forget all about your taxes once you’ve filed your tax return. Do not give
in to that temptation. 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 so you
can 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. Some examples that can do
that include 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. To do
that, file a new Form W-4, Employee's Withholding Allowance Certificate,
with your employer. Use the IRS Withholding Calculator tool on
IRS.gov to help you fill out the form.
·
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. Doing so will help
you avoid getting too much or too little financial assistance in advance.
·
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. For example,
you may need a copy of your tax return if you apply for a home loan or
financial aid. You should use your tax return as a guide when you do your taxes
next year.
·
Stay
organized. Make
tax time easier. Have your family put tax records in the same place during the
year. That way you won’t have to search for misplaced records when you file
next year.
·
Shop
for a tax preparer. If you
want to hire a tax preparer to help you with tax planning, start your search
now. Choose your tax preparer wisely. Use the Directory of Tax
Return Preparers tool on IRS.gov to find tax preparers in your area with the
credentials and qualifications that you prefer.
·
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. See the instructions for Schedule A, Itemized
Deductions, for a list of deductions.
·
Stay
informed. Subscribe
to IRS Tax Tips to get emails about tax law changes, how to save money and
much more. You can also get Tax Tips on IRS.gov or IRS2Go, the
IRS mobile app. You’ll receive Tips each weekday in the tax filing season and
three days a week in summer. You will also get Special Edition Tax Tips at
other times during the year.
Planning
now can pay off with savings at tax time next year.
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