An Important Task ... While Tax Day has come and gone, poring over your tax information in preparation for the coming year might be the last thing on your mind. But, as you probably learned while completing your tax return this year, a little bit of extra planning will save you some hassle when it comes time to do it all again.
Income Projection A helpful tool for you and your family is an income projection. Taking a closer look at these numbers before tax season comes around again will help you better gauge your income and expenses. Create Accounts The off-season is a great time to create an account on IRS.gov. One of the benefits is that you can download a transcript of your tax account transactions, line-by-line tax return information, or wage and income for a particular tax year.
Here are some of the easiest ways to start preparing for next year’s taxes, plus some personal financial management tips that’ll help year-round.
Perfect Systems Whether you prefer high-tech financial management tools like digital vaults, smartphone apps, and accounting software or old-school options like a box, an envelope, and a spreadsheet, now’s the time to start sorting for 2020.
Review Withholdings If your employer automatically withholds taxes from your paycheck, now’s a good time to make sure the correct amount is being taken out. For example, if you only work part time, the withholding may have been estimated based on an anticipated full-time salary, and you’ve therefore been paying too much. Set aside some time to check your information to ensure its accuracy.
Filing taxes can be a complicated process, but preparing early will certainly help. If you run into any issues or have questions, feel free to give our office a call.
MEMES Don't forget to listen to the "IRS Radio Hour" every SUNDAY AT 5 P.M. ON AM 560 THE ANSWER
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