Preparing for Tax Season 2016

With tax season less than a week away, individuals across the country are getting their paperwork in order to submit to the IRA. Whether you work with an accountant or use a program like TurboTax to do your taxes, there are a few important things for you to consider between the opening day of tax season (January 19) and Tax Day 2016 (April 18).

Contribute to Your Retirement

Forgot to contribute to your retirement account in 2015? You can still help to lower this year’s tax bill by funding your account before Tax Day. Not only will this deposit help you out during tax season, but it will also benefit you in the years to come. There are a few different factors that play into how much your deductible contribution will help you, so learn more here. For younger people looking to start a retirement fund, The Under 30 Guide to Retirement Funds is a great place to start your research. After tax season is done, make a point to put a set about of money into your retirement fund each month to help with next year’s tax return.

Get Organized

With items like your W-2 coming in the mail in January, it is more important than ever to keep receipts, bills and mail organized. Collect the receipts that you have compiled throughout 2015, sorting and organizing them to make filing your taxes easier. This tax preparation checklist is a great asset to use.

Use Your Credit Card to Your Advantage

Your credit card is another incredible asset when tax season rolls around. With a credit card, both individuals and businesses can easily look up the tax deductable purchases they have made, ensuring that all information is on hand even if receipts have been misplaced throughout the year.

Get Your Refund Faster

When it comes time to file your taxes, there are few steps you can take to ensure that your return will arrive as quickly as possible. Get your tax forms to the IRS more quickly by choosing e-file instead of paper, and choose direct deposit instead of having a paper check mailed to your address.

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