Plan This Summer for a Good Tax Season

Tax Planning SeasonTaxes are stressful and daunting, and most people avoid them for as long as possible. But did you know that planning now can save you stress, and even money, next April? The IRS offers several ideas that can help you have a smoother 2016 tax season.

  • Stay on top of life changes. If you get married, be sure you adjust your tax information accordingly. The same is true for adding children to your family through birth or adoption.
  • Report changes to the Health Insurance Marketplace. It is equally important that you report these life changes to the Health Insurance Marketplace to continue getting the proper medical coverage.
  • Keep past records safe. Keep your 2015 tax returns in a safe and accessible place. If you need to refer to this information, it needs to be available to you.
  • Create an organizational system. Don’t wait until the beginning of 2017 to start organizing your 2016 taxes. Have a secure place to store documents and keep track of information on a spreadsheet.
  • Meet with tax preparers. Another mistake some people make is to wait until tax season to meet with an accountant. Instead, use this off-season to interview different professionals to see who is best suited for you and your finances — and what suggestions they make for adjustments.
  • Think about standard versus itemized deductions. Sometimes it makes more sense to take the standard deduction, but it is difficult to determine unless you know what your itemized deductions would be. Keep track of them to see which is better for your taxes.

Do you have questions about your 2016 taxes?

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