It is never to early to begin planning for next year's tax return. Planning ahead can save you time and money in 2014. Here are six simple steps to take to make your next tax return easier.
1. Adjust your withholding
Now is a good time to review your withholdings to make the taxes withheld from your pay closer to the taxes you will owe for this year. You can use the IRS Withholding Calculator at IRS.gov to complete a new Form W-4.
2.Store your return in a safe place.
Doing so can facilitate locating it in case you need to refer to your return. For example, you may need a copy of your return when applying for a home loan or financial aid.
3. Organize your records
These record include your receipts from big purchases, mileage logs, and other deductable expense.
4. Hire a tax professional
If you already have a tax professional consult with them now to tart your tax planning for next year.
5.Consider itemizing deductions
If your itemized deductions typically fall just below your standard deduction you can bundle your deductions. If you usually claim a standard deduction, you may be able to reduce your taxes.
6.Keep up with changes
its always good to keep up with changes in the law especially taxes. For helpful tips, and IRS announcements, visit the IRS website, www.IRS.gov