Things You Can Do to Prepare for the 2017 Tax Season
Get your tax records in order now.
Dig up and organize all the receipts you may need to claim your tax deductions. Review your 2015 income tax return and any relevant records you will need to reference when filing your 2016 return.
Set aside some money now.
Since tax refund delays are expected, you certainly don't want to be shorthanded financially when you'd normally expect to receive a nice refund check. So, set aside a small portion of your income now so that you'll be prepared to handle any bills or expenses in the spring while waiting for your tax refund.
Consider working with a professional.
Because of the impending changes to filing deadlines, it's often best to put your tax-filing needs into the hands of an experienced professional accountant. Not only will this guarantee that you'll meet every deadline, but also you'll know that you're taking full advantage of all the tax breaks you qualify for to significantly reduce your tax liability.
Unless you know your return is going to be complicated this year, paying someone to file a tax return should always be a last resort. Decide whether you’d rather file online or in person, and then check out these free filing options:
- Use Free File on IRS.gov– This free software walks you through a Q&A format to help prepare your return and claim every credit and deduction for which you may be eligible.
- Try the Free File Fillable Forms– If you’re comfortable preparing your own returns, this option is for you! It allows you to file electronically using online versions of IRS paper forms.
- Visit a free tax preparation site– If your total household income is less than $54,000 a year, you can seek free tax prep at one of thousands of Volunteer Income Tax Assistance (VITA), Military Volunteer Income Tax Assistance (M-VITA), and Tax Counseling for the Elderly (TCE) sites. To locate the nearest site, you can search online or call the IRS at 800-906-9887.
Remember you may have deductions coming your way. Make sure you have all your closing docs, insurance costs, title docs, and all costs you incurred with you, when you Visit your local Accountant and or Tax Consultant.
If you were a client of Mortgage Market Corp., we are here to help you! Give us a call, as we have all your statements and docs scanned and ready for delivery for all our clients! Just another way we serve you and your family, to show we care.
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