With the end of 2016, brings the beginning of a new tax year 2017. Which in turn, means that it is time to get all of your tax information together for 2016. So go get that old shoe box full of receipts, or that large folder or envelope.
Tax time, for many, can become a nightmare of sorts. Especially if you do your own, like we do. I actually do the taxes in this house. I handle the finances, so doing taxes made sense. My method of keeping information together is pretty simple, if it’s tax worthy brown envelope it. Works for us.
Our taxes have become less complicated since the kids are now out of school and on their own. I can appreciate those out there who cringe at this time of year, especially those with kids in college. Just remember to get all those tax deductions you earned for all those loans you took out. Most are out there about two weeks into the new year. Notification comes by way of email. Then just go to the website and print it out. Be sure to save it with all your other 2016 tax information.
For years we had someone do our taxes for us. That changed when his fee was larger than our refund. The time came to take that step. Back in the day, I recall my mom doing them by hand, sheets of scratch paper and all. I started out with that, but then discovered the online automated tax services. It took some time to get used to it, but after using it now for about 13 years, I wouldn’t do my taxes without it.
Another thing to make sure you do, whether you do your own taxes or get them done by a professional, is to go on the IRS website and check out the updates for 2016. All the online services have these updates already installed for calculation. Always be aware of the rule changes for every tax year.
Make sure that you know the deadlines for receiving your W-2 forms from your employer. Most large corporations know the tax codes, but I’ve seen some smaller businesses try to get away with holding off on sending them out to their employees. Contrary to what many think, the IRS will work with you if you just let them. We as taxpayers, do have rights too.
So begins a new year, but things to take care of from the previous year. Hope you will see some money back from all your hard work in 2016!