Get Smart: Planning Your Taxes Throughout the Year

Just because this year’s tax season is over, it doesn’t mean that you’re off the hook forever. 2014 taxes will be due next year, and it’s important to stay on top of your money so you can keep track of how much you owe or how much you’re due. Here are a few tips to stay organized before next tax season comes around.

Find Most Recent Documents

If you regularly give to charity, you may be eligible for some tax deductions, but only if it reaches more than $5,000 in a year. However, if you don’t keep track of how much you donate to different charities throughout the year by keeping receipts, you won’t be able to get back what you deserve.

Double Check Documents

Oftentimes, while organizing documents, people will find that they’ve accidentally included older files that have already been accounted for. Be sure that you double check the dates on your documents for accurate and up-to-date information. Making a mistake on your taxes could cost you.

Save Documents in a Known Location

You don’t want to find yourself frantically searching for certain documents next year, scanning emails with attachments you may have sent yourself. Save your documents in a known location, whether on your computer or a hard copy. Have a separate file clearly labeled that you can easily find later.

As long as you prepare yourself well for the coming year, nothing will be able to take you by surprise next tax season!

photo credit: Boss Tweed via photopin cc

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