"

3 tips for filing your 2016 returns

December, 01 2016 by Galina Borishkevich
Tax Time

Taxes are probably the last thing on your mind as the holidays quickly approach. However, the IRS has some quick and helpful tips for those who are anxious to get their yearly tax filing out of the way (or for those who would simply like some advice on how to begin preparing), so read on for some helpful tips.
 

  1. Keep Copies of Your Tax Returns Handy
    To make this upcoming tax season just a bit smoother, the IRS recommends keeping copies of your prior year’s tax return – along with the appropriate supporting documentation – handy. Not only will it aid you in filing the new return, it will also have the adjusted gross income (AGI) amount that you will need to e-file.
     
  2. Make Adjustments to Your Form W-4
    If you want to receive a larger refund this year (or pay a smaller tax bill), consider making changes to your Form W-4. If you typically receive a large refund you can get more money withheld each paycheck by claiming additional withholding allowances. If you usually end up paying additional taxes every April, the IRS recommends having more taxes withheld or, at the very least, making quarterly payments to help ease a possible financial burden.
     
  3. Expecting Refunds
    Most of us typically expect to receive our refunds within 21 days of filing. While the IRS says that is true in most cases, they also caution against relying solely on our refunds for expenses – especially this upcoming tax season. A new law requires the IRS to hold entire refunds until February 15 for any returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). After that date, you can check the status using the Where’s My Refund? tool online or the IRS2Go App.


For additional tips and tricks on how to prepare for this upcoming tax season, visit IRS.gov.

Want peace of mind?

Learn About Prepaid Audit Defense

Recent Articles

If you use your vehicle for your independent contractor business, you may be able to take a deduction on Schedule C for the business use of that vehicle.
Per diem payments for contractors can either be taxable or non-taxable, depending on whether they fall under accountable or non-accountable plans.
Yes, moving expenses can be tax deductible, but only if you meet the requirements of one of the circumstances noted in this article. Let's explore more.
Self-employed taxpayers can claim per diem deductions for business travel, provided that the circumstances of their travel meet certain conditions.
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.