On April 18th, the 2016 tax season will come to a close—it’s not necessarily over by any means, but marks the IRS’s filing deadline (yes, there are extensions and other programs that extend out the season). And for many people this time of year is crazy and hectic, and they anxiously crowd into the offices of their favorite accountant to prepare their taxes before the season closes.
But don’t worry, take breath, there’s still a few weeks. However, while you are remaining calm, it’s important to take stock in whatever it is you plan to report on your 2016 taxes. When people rush they often forget things. It’s not good one way or the other to forget to report something on your taxes. Funny that the IRS will notice an omission benefiting them, but will never contact you on an omission benefiting you.
So, look out for yourself, and make sure everything gets reported. You don’t want to miss any deduction on your taxes. While we make a big deal over what taxes mean, for most of us, taxes mean a refund, and getting as much money as you are entitled; conversely, for those of you that owe on your taxes, you will want to account for every deduction that could potentially get you to owe less.
Remember all those charitable contribution, those mileage logs, all the childcare paperwork you have paid out in the last year, etc. Also, for those of you who wait, your accountant may notice your missing something from your file, and, in that event, you will request an extension until the proper paperwork can be supplied, and, for those of you relying on your 2016 tax return, forgetting important paperwork will greatly slow up the process. The IRS claims that, for most people, it takes three weeks and under to receive money via direct deposit.
Call and make an Appointment!
Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.