Tax “Stress Relievers”
With the tax deadline past, here’s a list of some important lessons learned.
- Check your dependents. Sometimes your child no longer qualifies as a dependent, and the time to find out is before you file, not after your tax return has been rejected by the IRS.
- Keep your receipts and other tax documents organized. If there’s one thing your tax preparer does not want to do it dig through all your receipts.
- Check up on your previous tax returns. You have only three years to claim a refund of overpaid taxes. So it makes sense to review your older tax returns every so often just to make sure you didn’t overlook an important tax deduction.
- Adjust your withholdings. Some people have far too little taxes withheld from their paycheck, and then they end up owing the IRS. Other people have too much withholding. By filing out a new W-4, you can have just the right about of tax withheld from your paycheck.
- Pay off the IRS. There’s really only five ways to get out of tax debt. Very often, you can get back on track with the IRS by filing missing tax returns and setting up a payment plan.