How to Prepare Now for Next Tax Season
April 27, 2016
It’s never too early to start planning ahead! Although the individual income tax season just ended April 18, there are a number of things you can do now and throughout 2016 to ensure you’re prepared and ready when the next tax season rolls around.
- Review This Year’s Tax Return –If you received a big refund this tax season or owed a lot, consider updating your WH-4 with your employer. Adjusting your withholding could help you more accurately pay the correct amount in taxes throughout the year. Remember, each taxpayer should pay no more and no less than what they owe!
- Stay Organized – Records retention is important, and keeping your important tax documents organized electronically or in a folder or other filing system is an easy way to keep your tax records in order. Save previous years’ tax returns, W-2s, and other financial documents so you can reference them next tax season.
- Save Your Receipts – Indiana has several tax credits and deductions for which you may qualify. Plan ahead by reviewing these credits and deductions now to determine those which may pertain to you. By saving your receipts throughout the year, it will be much easier to complete your tax return next year! Remember only to claim the credits and deductions for which you qualify.
- Protect Your Identity– Identity theft and tax refund fraud is a growing problem, but you can take steps to keep your identity safe. Store important documents and personal information in a safe, secure place and keep your personal information, such as your Social Security number and bank account information, private. It also is a good idea to check your credit report for free annually with each of the three major credit bureaus.
- Consider Life Changes – What does this year have in store for you? Will you get married, buy a house, or have children? Major life changes can affect your filing status and the tax form you may need to file. Learn more at www.in.gov/dor/4710.htm.
- Plan Ahead – Updated tax forms for the individual income tax season are made available online every December. Plan ahead and file early to have a simple, stress-free tax season.
The Indiana Department of Revenue website has many resources to help taxpayers before, during, and after tax season. Visit www.in.gov/dor/4703.htm to review the Individual Income Taxes section of the website.
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