There’s something creeping towards all of us!
We never quite feel ready for it when it gets here…
It raises our blood pressure…
It relies on year-long panic of when it comes back…
It’s….It’s…It’s TAX TIME!
That’s right, we are never ready for when it gets here. This year, rather the government may not even be ready. According to Bankrate, due to the closure last October, the IRS will be postponed a bit in getting tax-returns out; especially toward the beginning of tax time and toward the end. This does not mean you can’t get ahead of the ball however. We at Southern Colorado Insurance Center suggest that you use some, or all of these tips from TurboTax to help you do just that!
Budget! You can estimate your taxes online to see if you should be saving for a dubious amount owed to the IRS. It’s better to save some money just in case that situation strikes!
Organize and keep track of your records. The IRS typically selects 10% at random for in-person audits. Be ahead of the game and have all of your records in order and at hand. What would you need in this case? Excellent question! You can find tax readiness and tax checklists online to get you started.
Itemize! It is worth the time (and the saved money) to go through and itemize your taxes. It is easier and less time to do a standard deduction, but it is normally beneficial to the tax payer to itemize their tax forms.
If you are claiming dependents on your tax return, provide their ID numbers on your tax forms. This typically consists of their Social Security Numbers. This will help the IRS, and typically save them from denying the claim. REMEMBER that if you are divorced only one party can claim the children as dependents!
File on time. You have until April 15, 2014 to finish and file your taxes. Make sure this become a priority to lessen the headaches later in the year. If you need an extension, make sure you complete and file the correct extension form BEFORE April 15, 2014.
File online! Many people file online and it is highly suggested. The IRS processes electronic tax returns quicker than paper-filed ones, which means that if you are expecting a refund, you will get that sooner as well. Electronic filing also helps lessen the likeliness of making mistakes and is the only way you get a confirmation that your tax returns have been received.
Finally, accept help if necessary. There are many resources to contact if you are in need of help with your taxes. Keep in mind that it is easier to get help and file the first return correctly than it would be to guess and have the IRS return it unprocessed.
Tax time always seems to remind you as a family or an owner of a business, just how much you are spending on Insurance. At Southern Colorado insurance Center we represent 15 major insurance companies for Home and Auto insurance and hundreds of companies for your business insurance needs.
For answers to any insurance questions or to get an insurance review on General Liability, Workers Compensation, Errors and Omissions, Auto, Home or Recreational Vehicle policies, please contact us at 719-329-4441 or email us at youarefirst [at] scicteam [dot] com. To see a full list of all the services we provide, visit our website at www.scicteam.com.