You may be tempted to forget about your taxes once you’ve filed, but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes.

Take action when life changes occur  

Some life events can change the amount of tax you owe. Examples include a change in marital status or the birth of a child. When these happen, you may need to change the amount of tax withheld from your pay. To do that, file a new Form W-4, Employee's Withholding Allowance Certificate, with your employer. Use the IRS Withholding Calculator tool on IRS.gov to help you fill out the form.

Report changes in circumstances to the Health Insurance Marketplace

If you enroll in insurance coverage through the Health Insurance Marketplace for 2016 coverage, you should report changes in circumstances to the Marketplace when they happen. Report events such as changes in your income or family size. Doing so will help you avoid getting too much or too little financial assistance.



Keep records safe

Print and keep a copy of your 2015 tax return and supporting records together in a safe place. This includes W-2 Forms, Forms 1099, bank records and records of your family’s health care insurance coverage. If you ever need your tax return or records, it will be easier for you to get them. For example, you may need a copy of your tax return if you apply for a home loan or financial aid for college. You should use your tax return as a guide when you do your taxes next year.

Stay organized

Make tax time easier. Have your family put tax records in the same place during the year. That way you won’t have to search for misplaced records when you file next year.

Shop for a tax preparer

If you want to hire a tax preparer to help you with tax planning, start your search now. Choose your tax preparer wisely. Give first look to a company like ATBS, which specializes in the trucking industry. They will understand all the little things about your business that most other preparers might not know.

Think about itemizing

You may be able to lower your taxes if you itemize deductions instead of taking the standard deduction. Owning a home, paying medical expenses and qualified donations to charity could mean more tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.

This article was originally featured on IRS.gov.

Image Credit - https://www.flickr.com/photos/86530412@N02/

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Sean Bryant

Sean is a graduate of the University of Iowa where he received a Bachelor's of Arts degree in economics. After beginning his career in banking, he found his love for marketing. Before arriving at ATBS in 2014 he spent time working for two different technology startups as well as his own freelance marketing company.

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June 16, 2016 14:12:51 PM