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Reduce Your Tax Stress: Plan for Next Tax Season Now

While you may be done with taxes for this year, it’s never too early to implement a system for next year—and relieve some of the stress filing and paying your taxes can bring.

Follow these tips to make the filing process easier:

1.      When life-changing events occur, your taxes likely change too. In the event you purchase a home, have a child or experience new marital status, you’ll probably modify the amount of tax deducted from your pay. To change the amount, file a new Form W-4 with your employer and use the IRS Withholding Calculator to fill it out, if necessary. If you receive advance payments of a premium tax credit, reporting changes in circumstances is imperative.

2.      Keep tax records safe. Sometimes you’ll need previous returns for reference, so keep documents stored where you can find them easily.

3.      Keep all records used for taxes in one place. Scan files and organize them in “2014 Tax” folders or something similar. Implementing an organization system such as this will make everything simple to find.

4.      Research tax preparers to help with tax planning. Regardless of whom you choose, you are always responsible for the accuracy of your taxes.

5.      Consider itemizing rather than taking standard deductions. You may be able to lower your tax amount…small spending such as prescription costs and donations add up!

6.      If you’re reading this, you’re probably on top of tax law changes. However, for more up-to-date tax information, visit www.IRS.gov  to discover any tax law changes that may affect you.

Need some help with your planning? Contact the pros at Patrick & Robinson CPAs: 904-396-5400 or Office@CPAsite.com.

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I am so much more comfortable with how our finances are now being handled. Thanks for your help!
Dr. Randy T. HodgesSenior Pastor HernandoChurch of the Nazarene

Frequently Asked Questions

Q.

Should I consult a CPA if I’m starting a new business?

A.

Yes. You’ll need to discuss the best organization for your company for tax purposes as well as numerous other issues relating to operations, including pricing, inventory, payroll, liability and profit...

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