6 Tips From the IRS

Here are six tips from the IRS to help you prepare next year’s tax return.

1.
Start to make adjustments to withholdings sooner rather than later. Doing this will reduce the amount of taxes you end up owing. The IRS created a withholding calculator to aid employees in figuring out whether or not they should submit a W-4 to their employer.

2.
Make sure your returns are stored in a reliable, safe spot. Having easy access to your returns will help you be ready for any questions from the IRS as well as make the filing process easier on you.

3.
Double check that all of your pay stubs are correct and that employers are withholding the accurate percentages for insurance and other items. Double checking these figures will make your life easier in the long run and prevent you from running into unwanted problems.

4.
If you decide to hire a tax professional, do so early. The more time in advance you hire, the less anxiety there is for both parties. Tax professionals can be of service to you throughout the year. Always remember that just because you hire a professional, it is still your responsibility to ensure the accuracy of your tax returns.

5.
Itemize your tax deductions. Extra mortgage payments and donations can lead to valuable tax write-offs. If you don’t keep up with them, you could be missing out on money in your pocket come tax season.
6.

Use the American Opportunity Tax Credit and other tuition exemptions to your advantage. This will help you reduce your college costs and will expire at the end of 2012. If you take advantage of it now, you can still save next year.

If you are in need of additional tax help, or are in trouble with the IRS, do not hesitate to call the professionals at JG Tax Group. Our staff has over 120 years combined IRS experience and can help secure your financial future.