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Treasure Map to 2016 Tax Success

TAX SUCCESS: The Definitve Guide to Finding Treaswre January 15th - January 3lst Decide if you want to file your taxes yourself or use a tax advisor o If you seek professional help make sure you choose the right person • Ask friends or family to make a referral • Be certain that the professional you choose has a preparer tax identification number (PTIN) • Steer clear of anyone asking for a percentage of your refund PTIN 56784XXXX If you do your taxes yourself decide what program to use If you choose a service like TurboTax, do you need the upgraded version to accommodate specific information returns? Febnuary Ist - Febnuary 29th Get your receipts in order o If you're a business owner or an individual taxpayer, you can write off anything you used for expenses For W-2 employees, you may be able to claim unreimbursed employee expenses that you incur for your job but are not reimbursed by your employer o Gather all charitable donation receipts for proof of documentation March Ist - March 31st Start your filing process o Make sure you have all of your necessary personal information including social security numbers of dependents, dates you moved, addresses of properties you Own, etc. o Ensure you're up to date on tax law, or discuss it with your tax preparer o Decide what to do with your refund, you have several options: • Receive a check or direct deposit to your checking or savings account • Apply some or all of your refund toward your tax bill on the next retum • Directly contribute some or all of your refund to certain types of accounts (IRAS, health savings, education savings) or buy U.S. savings bonds U.S. BOND April Ist - April 17th PAST DUE! EXTENSION Assess if you need a filing extension o Filing extensions give you an extra six months and you will avoid any late-filing penalty April 18th Tax Refund O CommunityTax

Treasure Map to 2016 Tax Success

shared by BBCTax on Jan 15
This is an infographic highlighting a timetable of steps one should take in order to ensure they have filed their taxes correctly, taking advantage of all possible writeoffs, and without penalty.


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