Another new year has begun, which means you can start tallying up last year’s income and expenses and determining what you’ll owe to the IRS. Within the next few weeks, you should receive your W2 or 1099 forms from your employer(s), which will help you calculate your total income and see how much you’ve already paid in 2015 taxes. On the expenses side, it’s up to you to get your records in order. Are you aware of all of the ways in which you might be able to lower your total tax liability? Have you organized your deductions by category, such as business expenses, medical expenses, and charitable donations? Have you had a life change such as a marriage, divorce, or birth of a child that will impact your tax filing? Start gathering your files now in order to help your actual tax preparation appointment go much more smoothly.
In and around Virginia Beach, you can count on Taxation Solutions, Inc. for answers to all of your tax problems. Give us a call if you’re confused about what information and records you’ll need to present to the IRS, or if 2015 was a particularly complicated financial year and you want to avoid issues down the line. We’re skilled tax resolution specialists, able to resolve lingering tax penalties and negotiate tax settlements to help you pay what you owe and become IRS-compliant. Get 2016 started on the right financial foot—you’ll thank yourself when tax season rolls around!