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5 Tips to Prepare for The 2017 tax Season

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2017 tax season is on the way and now it's on you to be prepared for it. You will contemplate all the vital information needed to do your 2016 tax return with Uncle Sam. Here are 5 tips discussed that will help you do your taxes better.

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5 Tips to Prepare for The 2017 tax Season

  1. 1. 5 Tips to Prepare for the 2017 Tax Season
  2. 2. 2017 tax season is on the way and now it's on you to be prepared for it. You will contemplate all the vital information needed to do your 2016 tax return with Uncle Sam. Here are 5 tips discussed that will help you do your taxes better.
  3. 3. Your employer might offer a 401(k) or another deferred pension plan, try and contribute maximum amount that is allowable, specially if your employer matches your contribution. Or else you would be leaving money that could benefit your retirement. In case your employer is not offering you a retirement plan, you can make a contribution to traditional individual retirement account or a Roth IRA. The former would be offering a tax deduction for the year the contribution is made, but both will offer tax-deferred gains. 1. Maximize Contributions To Retirement Plan
  4. 4. 2. Protecting Your Identity Tax fraud is a real life threat, if you receive an PIN (Identity Protection) or an IP PIN, this number must be provided on your tax return (also for all future tax returns). An IP (Identity Protection) PIN is a six-digit number that helps in preventing fraudulent returns from being filed under your Social Security number. You should know that the IP PIN changes every year. In case you do not receive any notification in the mail, you must go to the IRS website to retrieve it.
  5. 5. 3. Use Of Accounting Software Nowadays many individuals and companies use accounting software to calculate their expenses, income, and taxes. There are many benefits of using an accounting software to do taxes, you save a lot of time and effort, you can take accurate control of your finances, the performance is quick and easy and it also aids in auditing processes.
  6. 6. 4. Being generous without tax repercussions The IRS makes changes in the yearly exclusion for gifts you can and cannot file under gift tax returns. In case someone gifts more than $14,000 in cash, in property or in gifts to anyone, they must report the gift on Form 709. In case you are married, you can gift $28,000, as a couple and still stay under the radar. Although if you are receiving a gift, you don't have to do anything.
  7. 7. 5. Handle Your Files Smartly While filing your return, the most effective and easiest way to receive your refund is electronically filing your return and using direct deposit. In case you owe money, use IRS direct pay from your checking or savings account. For anything else you do, make sure to keep a copy of your filed tax return. It avoids much trouble.
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  9. 9. Interested For More? Connect with us Check out our other presentstions:
  10. 10. References The 10 best tips to prepare for the 2017 tax season - Bankrate Tax Season Tips - Accountingweb Tax Season 2017- Whats New This Year - My Real Data Image Credits Freepik, Flaticon

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