Tax tips for after April
Even though tax season is technically over, it is not too soon to prepare for next year.
Even though tax season is technically over, it is not too soon to prepare for next year.
It is a good idea to create a tax file early, and any receipts from transactions that will come into play on your next return should be put in there, according to a report. This will make the process quicker next year, and also a lot less stressful.
Audits can happen to anyone, so it is best to take all of your information from your 2010 tax return and store it in a safe place, Bonnie Lee, a tax expert and author, told California newspaper The Sonoma Valley Sun. If the Internal Revenue Service checks back about a possible error, you will be prepared.
If the latest tax return you filed was not paid off in full, but you are confident it will not take longer than six months to pay, do not set up a payment plan, Lee said. Pay at your own pace and include all vital tax info on the memo line of the check.
Also, keep up on tax law additions, as they can change rapidly, she said. All of these will help you be ready for tax season next year; a little time now will save a lot of time later.
Related Articles
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- Pay down debt with tax refund -- If you expect an income tax refund, it may be wise to put it toward whatever type of debt you currently are burdened with.
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