Tax season is right around the corner. For some of you, it’s already here. Here are some tips and tricks to get the most out of the season.
Stay up to date.
It’s a good idea to know about current tax law changes. For example, in 2015, there will be a higher income limit for IRA contributions, as well as new limitations on IRA rollovers and new changes in health expense accounts. Is your business fully prepared to handle these new structures?
Many find themselves scrambling in the springtime, trying to gather all the necessary forms, paperwork, and the like necessary for tax preparation and filing. Early on, get into the habit of setting aside vital information for use later, in a place you’ll remember.
Let’s face it: filing by mail is so 20th-century. Electronic tax filing is more widely used than ever; indeed, some reports have indicated that filing by mail could lead to a greater delay in receiving refunds.