Is summer too early to start thinking about next year’s taxes? Not according to some people — namely the IRS. The government bureau published a list of things you can do right now to make sure your 2013 tax season goes smoothly:
If you’ve been getting big refunds in recent years, you may want adjust your withholdings. This will put more money in your paycheck rather than into a big refund next year.
File Your Records
Chances are your 2011 tax documents are still within reach— but they may get misplaced over the next 8 months. File that return away now so it’s easily accessible in 2013.
Assess Your Record Keeping
Does your method of saving receipts need to be reevaluated? Think about doing it now while you only have 7 months of paper lying around, rather than 12.
Check Your Paycheck:
You may have specified certain withholdings, payments and contributions to be taken from your check, but it’s not unheard of for employers to make an incorrect adjustment or two. Check your stubs to avoid an unwelcome surprise at tax time.
Find Your Professional Now
Why wait until the last minute to find a tax professional? If you don’t have someone trusted to take care of your taxes, or are looking for someone new, finding them now may save you stress later.
Is there an early mortgage or property tax payment you can make in 2012 that could lead to beneficial itemizing come tax time? Assess your situation to see if you can better optimize your itemizing.
Pay Next Year’s Tuition Now
The American Opportunity Tax Credit is set to expire at the end of this year. By paying your 2013 tuition in 2012, you may be able to take advantage of a $2,500 tax credit.
Tax laws sometimes change from year to year. By keeping up on the latest tax news and visiting the IRS website, you can make sure you’re prepared when tax time rolls around.
This information is not, nor should it be, considered tax advice. We recommend that you consult with your tax advisor or other tax professional regarding any tax matters.
Have you started thinking about your 2013 taxes? How do you prepare for tax time?