Message from Joseph (Yossi) Reich, CPA, TaxRevo Manager
Can you Believe It? Time to Prepare for Tax Season
Every year, after the High Holidays, we all vow to do things differently as we prepare for the next tax season. At TaxRevo, we are continually focused on simplifying the tax process and making it as easy as possible for you. Here are some simple steps for you to help the process (besides working with some great accountants):
- Ensure you are not underpaying your taxes by having accurate withholdings stated on your W-4. Use this time to ensure your W-4 is accurate. Check out the handy withholding calculator, courtesy of your friends at the IRS. Click here for the calculator.
- Remember your tax payment coupons are based on estimates, and are certainly not set in stone. What is due in the upcoming months could change, depending on how your income varies. Keep chatting with us through the end of 2016 so we know if you are expecting a significant spike or cut in income. That makes a lot more sense than figuring out damage control on the wee hours of April 17, 2017, the deadline.
- There are some financial advisers out there who want to sell you exotic investments, like hedge funds, publicly traded partnerships and complex options. While this is often done with the best intentions, this could be an accounting nightmare. Ask your financial pro if his recommendations will create the need for a K-1 filing or other federal requirements that mucks up your return and increases your accounting fees. Make sure the returns far outweigh the expense of investing.