Planning Ahead for Next Year’s Tax Filings
Sterling Heights, MI (PRWEB) May 09, 2014 -- Now that April 15th is behind us, it’s time to start planning for next year’s tax return. There are several things you can do throughout the year that will help make preparing your tax return or submitting your tax information to your tax professional a piece of cake. Below are a few suggestions to help you avoid a frantic scramble at the end of the year.
Stay organized and keep tax records secure. Try to keep tax and financial records in a familiar area to keep you organized. If possible, store these items in a fireproof safe or scan and store them electronically.
Be ready for life changing events. Did you a have a child, get married, or have some other life changing event? It is important to plan ahead for these changes. Changes of this nature may have an effect on your tax withholdings during the year. For example, in order to claim a new born child as a dependent for tax purposes, you must apply for a social security number (“SSN”) through the Social Security Administration. It is important to apply for a SSN as soon as possible as it may take up to 12 weeks for it to be issued.
Maintain a list of charitable deductions. A simple list on a pad of paper or in an electronic document will assist in assuring you receive the maximum tax deduction for your charitable deductions. Also, make sure you are collecting and keeping receipts, letters, etc. for these charitable deductions. The IRS has been stepping up enforcement through compliance audits, which require individuals to provide original source documents for all charitable contributions reported on the tax return.
Pay estimates when they are due. If there is an issue with your ability to pay a tax estimate, contact your tax professional prior to missing the payment. Late payment penalties can be significant and should be avoided if at all possible.
Consider new contributions. Consider contributing to an IRA or setting up a Health Savings Accounts (“HSA”) or Flexible Spending Account (“FSA”), which can be a good tax strategy to defer or lower taxes on income.
Watch for scams. The IRS does not contact individuals for payments due or personal information via email, social media, text message, etc. If you are contacted through any of these mediums, report it to the IRS immediately at phishing(at)irs(dot)gov.
To discuss more tax planning tips, please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at http://www.uhy-us.com.
About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors provides tax and consulting services to a variety of sectors. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.
UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit http://www.uhy-us.com.
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UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.
Jessica Dalessandro, UHY LLP, +1 (586) 843-2507, [email protected]
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