Are You Paying Too Much Tax? (12-14-15)
Did you realize that when “they” take money out of your paycheck, "they” are merely withholding and not paying your taxes? When you come to World Class Unlimited, we help you figure out not only how much you owe but how much you can save.
Most people think that dealing with taxes is limited to January to April of every year. However, this is a perfect time of the year to think about taxes without the stress normally associated with the tax season. It only takes a few simple steps to make your tax preparation for next year go much smoother for you and your preparer. The list below is not all inclusive but will get you on the right track.
These things will help you prepare for next tax season!
Review your withholding – Check your paystub and see how much you have withheld. How does it compare to last year? Has your income increased? Have your exemptions changed by marriage or birth or the lost deduction of an adult child? If you received a large refund for the prior year, then it may be a good idea to calculate how much in taxes you need to withhold to put more money in your pocket today.
Get organized – Are you a small business owner or sole proprietor? Organizing your expenses at this time of the year makes January less daunting. Even if you don’t own a business, putting your receipts in a manageable order will put you miles ahead. Go to the store and buy an inexpensive organizer, create a spreadsheet or look into a technology that helps you be organized.
Exempt college students – If your child works part-time while going to college they can claim exempt status on their W-4 if you are claiming them on your tax return. This can save you the trouble of filing a tax return for your student. And, what college student wouldn’t like more money in their pocket?
Estimated taxes – Do you file quarterly estimated taxes? September 15th is the next due date for these. Why wait until the last minute to put your documents together?
Personal Property Taxes – Have you paid them? If so, remember to keep your receipts in the organizer you’ve chosen. Tax preparers will need these receipts so you can get the proper deductions.
Charitable Donations – Don’t forget when you clean out your closet and donate your gently used items to charity – get a receipt every time.
Meanwhile, some items to note that have recently happened. Supreme Court case Maryland v Wynne (May 2015) changed the way taxes are credited from one state to the next. What does this mean for you? If you are a Kansas resident and pay taxes to the City of Kansas City, MO you may be eligible for a tax credit on your Kansas tax return NOW. You can amend your 2012, 2013 and 2014 tax returns to be eligible for a refund NOW. Contact your tax preparer or World Class Unlimited to help you receive your money.
If you need assistance with any of these helpful hints,
Would Class Unlimited will be happy to assist you, just Contact Us!