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Getting Ahead for 2015: Tax Tips for May

We wanted to share with our website visitors some steps you can take each month to get ahead on next year's taxes to minimize the stress and hassle.

For the month of May: You've probably received your tax refund by now if you learned you were receiving one. Based upon your refund amount (or lack thereof), it's a not bad idea to spend a bit of time in May deciding whether or not you need to adjust your withholding. Our advice at Bloch, Rothman & Associates - experienced Denver accountants - is to make sure you pay in just enough. If you received a large refund, that means you have withheld too much from your paycheck. You are basically giving the IRS a tax-free loan. The goal should alaways be as close to a zero refund if at all possible. If your refund was $1,000 or less - you are on the right track with your withholding. 

May is also a great month to catch up on some of your record keeping. Make sure to keep copies of the previous year's W2s and any pertinent information from the previous filing year to make filing next year even easier.

And as alyways, we know your personal situations are unique. That's why we are here as seasoned Denver tax experts and accountants to help you every step of the way.

Call us today at Bloch, Rothman and Associates in Denver, Colorado.