|
When most people think of tax time, they think of April 15 (or in this year’s case, April 17). However, in reality, every day is tax day—April 17 was simply the day you had to report your actions. While income tax preparation may not qualify as a recreational hobby, a little planning throughout the year can save you time and money.
For starters, you can estimate next year’s taxes now by visiting www.irs.gov. If you are expecting a refund of more than $500, you might want to reduce your withholding amount. Getting a tax refund is never a good thing because what you’re doing is extending an interest-free loan to the federal government.
During the tax year, taxpayers should also vow to keep organized records. On average, one-third of the nation’s taxpayers itemize their deductions. Costs for things like medical expenses and child care may be deductible, so save those receipts. Want to keep tabs of your spending in style? Midas Printing offers this snazzy black & white gramercy vine cloth receipt organizer.
|