We just finished this year’s tax season, and nobody wants to think about taxes right now. But now is an ideal time to start planning for next year, because a little tax planning can deliver serious benefits later in the year.
The IRS offers a few tips on planning:
- Take action when life changes occur. If you get married or have a child for example, or if you’re planning to do either in the coming year, your expected tax bill will be changing. Other life events can change you bill as well. You’ll probably want to know what kind of bill to anticipate, and you may need to adjust your withholding once you experience the event.
- Report changes in circumstances to the Health Insurance Marketplace. If you’ve enrolled in insurance coverage through the Health Insurance Marketplace for 2016, you should report changes in circumstances to the Marketplace when they happen. Otherwise, you may have to refund assistance you weren’t entitled to, or you may not get as much as you should have.
- Keep good records. Be sure to keep your records in a safe place, including W-2 Forms, Forms 1099, bank records, and records of your family’s health care insurance coverage.
- Stay organized. Don’t just keep records — keep them organized so you don’t waste time later in the year trying to find things.
- Shop for a tax planner. If you have a business or investments or another more complex situation, you may benefit from a tax planner. Now is a good time to look for one, because he or she can advise you on decisions you make throughout the year in order to optimize your tax situation.
If you’d like to talk with us about tax planning, please feel free to give us a call at (864) 836-3136 and we’ll set up a time to chat.