How to prepare for next year's taxes now
As we approach this year's Tax Day, it's not too early to start thinking about next year. To avoid the chaos that can come with filing taxes, use these tips to start preparing for next year's return.
Start filing: Dedicate a box to all of your documents that you will need to file next year's taxes. As you accumulate these throughout the year, put them into the box. When it's time to do your taxes all of your materials will already be gathered.
Adjust your withholding: Depending on the size of your return this year, you might want to adjust your withholding now to either get a larger return next year, or get a smaller return and more cash throughout the year.
Look over financial documents: While there is time, review all of your financial documents as you get them throughout the year to ensure they are accurate. This will save you headaches during next year's tax season.
Keep up with tax news: Throughout the year there will be changes to the tax code. To make sure you know the latest on what's deductible pay attention to any changes throughout the year.
Find a tax specialist: If you are in the need of a tax specialist for next year, now is the time to look. As your friends and family who prepared their taxes and search for recommendations.
Keep a list of questions: If you have questions throughout the year about your taxes, keep a running list so you can ask your tax professional when it is time to file.
Distributed by Internet Broadcasting. This material may not be published, broadcast, rewritten or redistributed.