Taxes CPA

Phoenix Payroll | Next Year

Nobody wants to think about income taxes, much less income taxes that are not due for another year. If you avoid the temptation to not think about your taxes, you could avoid a tax surprise when you file next year. Now is the time to set up your filing system to organize your tax records to keep them safe and organized for next year’s taxes. Here are a few tip to help you plan and prepare for next year’s taxes today.

  1. Pay attention and take action when life changes occur. Certain life events can alter the amount of income tax you will come next year. If you get married or divorced, have a child, or lose a dependent your amount of income tax will change and you should adjust your withholding or income tax estimates accordingly. File a form W4 with your employer to adjust your withholding.
  2. Report changes in circumstances to the Health Insurance Marketplace. If you get your health in insurance from the marketplace, you should report any changes that may effect the subsidy you are receiving to avoid getting too much or not enough assistance in advance.
  3. Keep your records safe. Putting your 2014 tax returns and supporting documentation in a safe place will allow you to access them easily should you need them. You will usually need a copy of your tax returns and W2’s when you apply for a mortgage or financial aid.
  4. Keeping current year tax information organized throughout the year will help you prepare for next year’s taxes in a much more efficient manner. That way you won’t have to search all over for misplaced or missing records when you file next year.
  5. Think about itemizing. If you always claim the standard deduction because it’s easier, you may want to look in itemizing your deductions. A donation to charity could mean significant tax savings.

If you have questions or would like more information, feel free to contact us at Dusseau & Makris, PC, your Phoenix CPA firm.