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- Know What You Need To Have: Recognize what you don’t. No one expects you to be a tax expert, but knowing the types of things that could get you a credit or deduction can only help. Do your prep work and get all your stuff ready: last year’s expenses, this year’s documents and receipts and bring notes about all of your big life changes. If you don’t know, or aren’t sure, find a tax pro to help you navigate these issues and prepare an accurate return.
- File Early: Get a jump start on your taxes to reduce stress, reduce ID theft related to tax refund fraud and look good to your spouse, significant other or just your peers! Starting your return early gives you more time to gather necessary information that could increase the amount you get back for a maximum refund. Also if you file earlier in the season, you get your refund earlier so why wait? Plus, if you file earlier you are less at risk for some fraudster filing your information before you.
- Work Smarter, Not Harder, With A Tax Pro: Did you start a new business? Full-time, part-time or just an on-the-side job? Get married? Add a child or a parent to your household? You or a family member go back to school? Take an early look at what those milestones will mean for filing your taxes this year. Contact your Tax Pro and schedule your appointment early to get started, get your taxes done and get that refund!
- Know Key Deadlines and Plan For Refund Turnaround Times: Keep in mind some laws designed to help prevent fraudulent tax refunds also delay refunds on returns claiming the EITC or ACTC. The IRS must hold the entire refund, even the portion not associated with the EITC or ACTC until mid February based on the laws previously passed this should not delay you in preparing and filing your return.
- The IRS Never Calls First: Several phone and Internet scams and even e-mail scams are trying to take advantage of people. The IRS will never call or e-mail you as a first step. They will always communicate first via snail mail. Learn how to take a proactive step to combat fraud and to protect what can feel like the biggest paycheck of the year. A tax pro can help and even identify fake IRS letters or calls.
- Plan Now For Possible Tax Changes: Taking care of taxes early helps pave the way to start thinking about how you can optimize your situation for next year’s taxes. Withholdings, retirement contributions, FSA accounts and an accurate tax document system – even if just a shoebox or large envelope – are just some of the topics that jump out at me when I think tax planning. Plan to do a mid-year checkup, then you and your Tax Pro will know even more about the impact possible tax changes will have and can help you adjust accordingly.
