Tax season is quickly approaching, and many employees will have their tax forms in hand by February 1st. While it’s always a good idea to be aware of your income and taxes, there are a few things you can do now to ensure smooth sailing once April rolls around.
First, get organized. Gather all forms, receipts, and other documents pertaining to taxable income or deductions and keep them in a safe space. If you must contact current or former employers to gather these items, do so now. Ensure that you have all the tax forms needed at the outset so that you’re not scrambling for the basic essentials at the last minute.You’ll also want to list out any charitable organizations you’ve donated to so that you may claim those donations.
Second, review your W-4 form. Very few people review this annually, as the IRS suggests. But if you’ve made a major move, gotten married, had children, or experienced any major changes that would affect your filings, you definitely want to ensure that all information is correct.
If you suspect that you may owe money to the IRS, it’s wise to begin saving on the early side so you may hopefully avoid financial strain. This is especially true if you also anticipate having to pay to file your faxes in the first place.
Finally, if you think you will need more time, consider filing an extension and placing the request early. This especially applies to anyone who sustained a major loss or was affected by the hurricanes in Texas, Florida, or Puerto Rico. If you apply on the early side, you should have no problem receiving a decision well before the deadline approaches.
The consultants at FCG are always prepared to help clients with taxes. Whether you’re an individual or the owner of a large business, you can rely on us for dependable, approachable help with taxes.