You may be tempted to forget all about your taxes once you’ve filed your tax
return. Do not give in to that temptation. If you start your tax planning now,
you may avoid a tax surprise when you file next year. Now is a good time to set
up a system so you can keep your tax records safe and easy to find. Here are
some tips to give you a leg up on next year’s taxes:
- Take action when life changes occur. Some life
events can change the amount of tax you pay. Some examples that can do
that include a change in marital status or the birth of a child. When they
happen, you may need to change the amount of tax withheld from your pay.
To do that, file a new Form
W-4, Employee's Withholding Allowance Certificate, with your employer.
Use the IRS
Withholding Calculator tool on IRS.gov to help you fill out the form.
- Report changes in circumstances to the Health Insurance
Marketplace. If you enroll in insurance coverage through the Health
Insurance Marketplace in 2015, you should report changes
in circumstances to the Marketplace when they happen. Report events
such as changes in your income or family size. Doing so will help you
avoid getting too much or too little financial assistance in advance.
- Keep records safe. Put your 2014 tax return and
supporting records in a safe place. If you ever need your tax return or
records, it will be easy for you to get them. For example, you may need a
copy of your tax return if you apply for a home loan or financial aid. You
should use your tax return as a guide when you do your taxes next year.
- Stay organized. Make tax time easier. Have your
family put tax records in the same place during the year. That way you
won’t have to search for misplaced records when you file next year.
- Shop for a tax preparer. If you want to hire a
tax preparer to help you with tax planning, start your search now. Choose
your tax preparer wisely. Use the
Directory of Tax Return Preparers tool on IRS.gov to find tax
preparers in your area with the credentials and qualifications that you
prefer.
- Think about itemizing. If you claim a standard deduction on your tax return, you may be able to lower your taxes if you itemize deductions instead. A donation to charity could mean some tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.