Money Talks News: Preparing for Next Tax Season
Mon, 15 Apr 2013 12:56:02 GMT —
By now, Uncle Sam should have received either your tax return, or an extension.
Although this tax season is now over for most people, it's not too soon to be thinking about next year. In fact, it's the perfect time.
For example, were your records organized this year? If not, why not start a system right now to do it better for next year?
There are plenty of tools and apps that can help.
Now's the time you should think about 2013 taxes.
You just saw what you deducted on 2012... Why not see if those same deductions are going to apply for 2013 and start thinking about them right now.
Before you store those 2012 financial documents, review them.
Are your investments the way you want them? Is there a place you could earn more interest?
Can you put more money away for retirement? Get a lower interest rate on your mortgage?
Another tip: If you got a monster refund last year, adjust your withholdings.
There's no reason to give Uncle Sam an interest free loan all year long. So go to the IRS website.
Look at their worksheets and calculators.
Just make sure you don't under withhold.
Finally... take a minute to see what's changing.
Will last year's deductions still be around for 2013? Anything new you should know about? The more you know, the more you're going to be able to minimize that tax liability.
Bottom line? I know, I know...
Once you're done with your 2012 taxes, the last thing you want to do is think about 2013.
But you it really is the best thing you can do.
What you need is little more advice on what to look for, and you'll find it at moneytalksnews.com. Just do as search for "Income taxes."
For Money Talks News, I'm Stacy Johnson.