Following the middle of April, tax season is complete for the majority of Americans. However, a small number of individuals or couples who filed for extensions now have an extra six months in order to complete their return paperwork although if they are expected to pay - they too need to have submitted their tax payment prior to the deadline.
For many people this tax season was even more stressful than usual
due to the enormous amount of changes instituted. As often occurs, a change in the administration of the country results in there being an adjustment to the fiscal issues and this year such was the case for new laws to be implemented. However, the sizeable difference in standard deduction amounts often created less paperwork for individuals who in the past had benefited from keeping receipts for donations, some medical expenses, and other gifts or charities.
Now that it is over, but still fresh on your mind - taking a moment to reflect on the filing process and how it can be improved for next year should be given some consideration. Instead of waiting until the beginning of next year in order to attempt to remember what may be needed - making plans now can help significantly. Following are three ideas for making next season easier as this tax year continues.
What Can I Do Differently?
If you were one of the people who kept all of their receipts only to find out that you would benefit from the new standard deduction instead of itemizing and aren’t expecting any monumental changes this year, then save time by not worrying about these items. Also, maybe you started to file too late in the year and felt rushed at the end - if so, get a head start on next year by organizing all of your paperwork and documents for an earlier beginning to the process in 2020.
How Can I Increase My Refund?
If you ended up owing the federal government or want to increase a refund that you were paid then take steps this year to accomplish this goal. Changing your tax withholding
is one of the best options in addition to seeking out the assistance of a tax professional for filing.
Plan Ahead for Financial Change
Finally, a third method is to consider any financial changes that may be taking place over the course of this year that may impact your taxes next filing season. While nothing should ever be done solely for the tax implications, understanding how certain purchases or selling of property may impact your taxes allows for individuals to be prepared and avoid any surprises when completing their return.
If there are sizeable changes in your earnings, or other tax related differences from the preceding year - getting married, having a child, moving to a different state, changing jobs, selling property, etc. - getting a jump on the impacts can allow for you to make some type of adjustments, if needed, before it is too late.
The tax experts at Bloch Rothman and Associates
are ready and able to assist with not only completing a tax return when needed but also analyzing any other factors associated with issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!