Don't "Fall" Behind On Your Taxes This Fall Season
It's that time of year again! The leaves are starting to change colors, the air is cooling off and it seems like everyone is getting ready for Thanksgiving. But before you pack up your pumpkin pie and head out to the football game this weekend, make sure you don't "fall" behind on your taxes this fall season. It might not seem like a big deal now but if you put off for a little too long, it'll be too late before you know it!
Do you want to make it easier to file your taxes? Here are some pointers to help you through the process now and in the future:
You should know what to anticipate. When you have the proper papers in front of you, filing becomes considerably easier (and more accurate).
Keep a good tax system. At some point, you'll realize that staying on top of money incrementally may save you a lot of time. Tracking your income and spending more frequently will save you time and help you avoid forgetting anything during tax season.
Keeping the HR department up to date. Have you recently experienced a life transition, such as a new baby or a move? Please notify your Human Resources representative. Your HR representative may need to know if your address has changed so that you do not miss crucial documents that are being delivered to you. You may also need to file a new Form W-4 with your employer or payroll provider to modify your withholding. If your life circumstances have changed, it is critical that you update your W-4 so that there are no tax surprises when you submit your taxes.
Examine your investments. Are you making the most of your financial position before the end of the year? If you own losing stocks, you can sell them and use the proceeds to offset capital losses against capital gains. You should also consider maxing out your retirement savings. In 2021, you can contribute $19,500 to your 401K ($26,000 if 50 or older) while lowering your taxed income.
Be in good standing with the IRS. At the end of the day, your sole purpose is to make it easier for yourself to have the IRS off your back. This includes making sure you're paying what you owe to the IRS. This may sound easier than it looks if you owe the IRS somewhere in the thousands, but there's no reason to lose hope just quite yet.
Do Yourself A Favor
For taxpayers who may have difficulty paying off an excessive amount of tax debt, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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