Spring Cleaning Tax Tips
Clean Up And Prepare Your Taxes For Spring
The first thing you want to do when it comes to your taxes is create a plan. Set a time and place to actually sit down and do your taxes. Set aside a day to gather all the information you need to file and do your best to stick to that plan.
If you see that you need to more time to file because you’ll be experiencing your peak season for your business around the time of the deadline or you will be out of town then go ahead and e-file an extension.
With an e-file provider like ExpressExtension, the process is quick and painless, so you can have your extension approved in only a few minutes. However, be sure to read up on your extension options to learn the policies. For example, extensions only extend the amount of time you have to file your taxes, not to pay them. Any taxes owed must be paid by the original tax deadline.
Some tax extensions push the deadline back by six months! That’s a long time, and a lot can happen in half a year. Don’t forget about your extended tax deadline. File your taxes as soon as you’re ready.
If you have already filed your taxes or filed an extension keep your information in a place that’s easy to find, because you don’t want to have to start all over again next time. Create a folder on your computer or tablet and save your account information if you use a tax service, like ExpressExtension. This way you won’t have to go through the whole process of resetting your password if you forget it.
Your tax folder should include everything related to your taxes. Place your W-2, tax forms, returns and more in there so you can easily reference them if need be. Plus, in the rare event of an audit, the IRS will appreciate it if you can quickly provide them with the information they need. It’s also a good idea to print important tax documents and store them away as a form of backup.
Another great tax spring cleaning tip is to take the time to make sure that your information is accurate. You need to make sure that your information like your name, address, business information, SSN, and more match what the IRS has on file. You can do so by calling the IRS directly at 1-800-829-4933.
Also, make note of anything that may have changed in the past year that may affect your forms. Did you change jobs? Does one of your children no longer qualify as a dependent? Did you get married?
Handle Those Taxes
Don’t put your taxes off to the last minute or rush through them. Take your time and be organized. Along with cleaning out the closet and reorganizing your kitchen, taking some time to prepare for your taxes is one chore you’ll be happy to cross off your list. For more blogs visit ExpressExtension.com, and please share your spring cleaning tax tips in the comment section below.
