It’s hard to believe that Christmas is next week and the New Year is close behind! Of course with the beginning of the year comes tax time! It is smart to start preparing for it now, so that you aren’t stressing at the last minute to take care of everything. Below are a few items you can take care of now to reduce the amount of time you spend working on tax paperwork come the New Year.
Contribute to your IRA
If you haven’t taken advantage of contributing your maximum contribution, you have until April 15th to do so! The maximum contribution is $5,500 and $6,500 for anyone 50 and over. This is a great benefit to take advantage of, plus contributions made to your IRA are a tax deduction!
Donate to a charity
You have until December 31st 2015 to make donations to a charity or charities of your choice. This is especially important if you itemize your deductions. Remember to get a receipt for any and all donations you make.
Decide how you’re going to file
If you recently were married or divorced it may change how you file this year. Also, make sure you are claiming all the dependents you are entitled to claim. If you were recently married, you can decide to file separately or jointly. Sometimes it makes more sense to file separately, but in most cases married individuals decide to file jointly. If you want to discuss what would make more sense for your situation, give me a call and we can discuss it.
Gather your personal information
Whether you are going with a new tax preparer or using the same one, you should always make sure you have a file of your personal information in case they need it for any reason. This should include your social security number, birth date, and a list of dependents (if any) including their personal information. Also, make sure to include your tax returns from last year as a reference.
Start organizing your paperwork
One thing that takes the longest is organizing any receipts, bank statements, tax payment stubs, contributions statements, and any other paperwork you need. With that in mind, don’t wait until the last minute, start focusing on it now! Even if you don’t do it all in one sitting, if you start it now, you will at least have time to work on it slowly.
These are just a few ways you can start preparing for the upcoming tax season now. Also, if you are in the market for a new tax preparer, we are here to help! Contact us today to find out how we can help you and how you can receive 10% off the fee to do your taxes.
A Mazzo Accounting provides a variety of accounting services to individuals and businesses in the Wyomissing, Reading, West Reading, Sinking Spring and Kenhorst areas as well as towns and villages around the Greater Reading area. Our services for small to mid-size businesses include taxes, payroll, accounting and bookkeeping services. We also provide a variety of services for individuals and they include tax return preparation as well as some accounting assistance. View a complete list of our services today.