It is fall again, and that means the leaves are changing colors. It is time to bring on the apple picking and pumpkin pie, and while you may not be thinking about it now, this is also the perfect to start planning for your 2015 income tax filing. Get a head start by preparing for tax season early and you will not have to worry about requesting that October 15 extension next year.
When filing your taxes, it is important that you have everything you need. You will want to be sure that all your documents are in the same place to make it easier to reference later. Procure all data you think will be useful in filing your taxes and keep them in their own space, whether that space is a filing cabinet or a shoe box. This information can include your W-2s and 1099 forms.
Collect all sensitive data for filing. Things like dates of birth, social security numbers, and addresses, both past and present, would be useful information to keep on file.
You will want to ask all household members who have held jobs in 2014 to do the same. Request that they set aside all information that is pertinent to 2015’s income tax season. This way, you can avoid any confusion at the time of filing.
A new year tends to bring a lot of changes that can make it harder to remember little details from the year before. If there is anything you purchased this year for your business or anything you may have given away to a non-for-profit organization that can help you get a tax break.
Also, if you paid for college or bought a home this year, remember those things count, too. Keep all receipts so you know exactly how much you spent. Doing so will keep you from forgetting anything or having to do guesswork later.
Needless to say, tax season is not something most people look forward to. Having to enter sensitive, precise information can be a very stressful process to handle. Anticipating a return may also come with its anxiety. However, there is no way to get out of filing. All you can do be as prepared as possible. If you follow these few tips, you are guaranteed to have less to worry about when tax season rolls around, and you will be all set by the April 15, 2016 deadline.