April 15th is Here!

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April 15th is Here!

The dreaded April 15th tax deadline is here, which means the official end of “tax season” has arrived!  If you are having us prepare your return and it has not been completed prior to the April 15th deadline, we have already filed an extension for your taxes and we are working on these returns to ensure a timely turnaround.  If you have not filed your return and paid your taxes or filed an extension and paid your estimated taxes, it is not too late!  Contact our office today to ensure your tax return gets filed or extended and your tax liability is paid in order to avoid any penalties and interest that may incur.  Please note that our office will be closed from April 16th to April 22nd.

If you have already filed your return, here is how to prepare for NEXT tax season:

  1. Keep your personal information organized.  Find a safe spot where your can put all of your documents that you will need for next years taxes so that you have it all together come the end of the year.  You should store your 2012 tax return, personal data, and receipts for anything you can deduct at the end of the year.
  2. Go Paperless!  There are plenty of mobile applications and websites that allow you to store pictures, information, and notes securely.  Some popular apps are DocVault and Receipt Catcher, but if you rather not use an application, you can store electronic versions of your documents on your computer to make them easier to upload to us or your tax preparer next tax season. 
  3. Think about tax breaks.  Before you file those papers away check and see what deduction and credits you qualified for on your 2012 return and determine which ones you will be able to claim on your 2013 tax return. 
  4. Review your documents.  Use your 2012 return to see where you can minimize your liability.  If you are planning home renovations checkout energystar.gov and see their list of home renovation deductions you qualify for.  If you can save by putting more toward your retirement accounts than start putting that money away, but be carefully because withdrawing it early can lead to penalties. 
  5. Don’t withhold too much.  While the IRS loves getting interest free loans (overpayment), there are ways where you can keep more of this money in your pocket.  For example, the IRS withholding calculator can help you determine what your estimated tax bill will be.
  6. Call our office and schedule an appointment for tax planning!  Minimize your tax liability and contact our office to engage in proactive tax planning and get ready for next years taxes well in advance to ensure the most stress-free experience possible.    
By | 2013-04-15T12:08:16-07:00 April 15th, 2013|Blog, Tax|Comments Off on April 15th is Here!

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