As soon as the ball drops in Times Square on New Year’s Eve, thoughts turn to the year ahead that can only mean tax time is right around the corner. Unfortunately, Congress didn’t do much this past year to simplify the tax code. Your best option is to secure the services of an experienced tax attorney in NYC. They will make sense of those rules and regulations for you. That doesn’t mean you can’t be proactive about filing your returns. Here’s what you should know about taxes in 2014
Get Your Receipts In Order
Even the most skilled tax attorney in NYC won’t be able to make sense of your random pile of receipts. To make sure you get every viable deduction, you want to put those receipts in order. That means sorting them into proper categories. An accordion file is the perfect way to accomplish this task. After you’ve sorted your receipts, get another file for the coming year. Once you get into the habit of filing your receipts, you’ll make tax prep time go a lot smoother.
Make Sure You Have All Your Paperwork
Just because your tax preparer is utilizing software programs doesn’t mean it will be convenient to go back and forth plugging in numbers. Make sure you hand over all your pertinent paperwork at one time. That way your preparer will be able to come up with the final numbers promptly.
Keep Talking To Your Tax Attorney Throughout The Year
Even though you’ll be filing your 2013 returns, you’ll want to stay in touch with your tax attorney throughout the year. This is especially true if you are dealing with major investments, capital gains, selling property or estate planning. These are all matters that would be impacted by tax codes. You want to avoid making a mistake for next year.
If you can file early, then get it over and done with. That way you’ll avoid any potential penalties. This also pertains to any notices you might have gotten from the IRS. Although you will have ample time to respond, waiting until the last minute or beyond the deadline isn’t going to help. You’ve retained the services of tax attorney to get your finances in order. Put them to work!
You’ve no doubt heard about all this in the news. According to the Affordable Care Act, if you don’t have health insurance in place when you file your taxes, you could be hit with a fine. Although there is much debate about the actual enforcement of this rule, the fact remains that it will be a hit on your record. How much of a hit remains to be seen. You can avoid that be making sure you have a policy in place.