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Tips for Taxpayers to Stay Ahead of the 2016 Tax Deadline
Southfield, Mich. – Although it seems like the 2015 tax deadline just passed, it’s never too early to begin preparing for 2016.
As the midpoint of the year fast approaches, there are several tips to help taxpayers begin preparing and organizing their documents to ease the stress of filing taxes.
“If you scrambled to get your taxes filed this year and want to do better next year, there are things you can begin doing now to ensure that you maximize your tax return and take advantage of every possible tax break,” said Venar Ayar of Ayar Law Group. “The midway point of the year is a great time to begin organizing your documents or looking for new ways to save if you haven’t done so already.”
Receipts should be organized in folders with categories of expenses for business expenses, medical expenses, donations, etc. This will keep taxpayers from simply throwing all of their receipts into one box, which can be overwhelming to sort through at the end of the year. The receipts can simply be removed from their separate folders, added up and written on the tax return.
Most email software allows users to automatically filter emails into folders until they are ready to be viewed. Taxpayers can filter digital receipts or tax-related documents into separate folders to organize their information even further.
Taxpayers should write the names of clients or reason for purchase on receipts for business purposes. This will save time when filing taxes because taxpayers will not have to rely on their memory when submitting claims.
Taxpayers should consider making tax planning a year-round priority by meeting with a tax professional during the offseason to review their current tax situation. Tax preparers can offer advice such as income splitting strategies or missing deductions which could lead to more savings.
