Eight tips to help with next year's tax return.
The agency advises that taxpayers:
—Begin making adjustments to withholdings now. This can help reduce the amount owed at tax time. There is a withholding calculator to help employees determine if they should submit a new W-4 to their employer.
—Keep the current year's return in a safe place. By having access to the return, individuals can quickly and easily answer questions received from the IRS and have a guide for next year's return.
—Organize records so that all tax-related documents can be found when needed. Individuals can save time by having this information at hand when doing taxes.
—Make sure that paychecks are accurate and that employers are withholding the correct amount of money for insurance and other items. Mistakes can lead to problems in the future.
—If choosing to work with a tax professional, seek one out early. This allows for more time and less anxiety. The professional can also help plan and make decisions during the year. It is important to remember that the individual filing the tax return is responsible for its accuracy even if using a tax professional.
—Itemize deductions. Things like early tax payments, an extra mortgage payment or a donation can lead to savings at tax time.
For more info log on to http://www.taxsolutionsnetwork.com
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