It’s the summer and the most recent tax window closed fairly recently. So you don’t have to be worried about taxes or your tax situation, right? Well, not exactly.
Now is actually the perfect time to take some logistical steps and perform a bit of “financial housekeeping” to prepare yourself for the next tax season. Performing these actions may seem tedious, and you won’t want to do them. But believe us — they will help quite a bit come the next Tax Day.
First of all, are you getting married this summer, or have you already been married this summer? If so, make sure your Social Security numbers match what are on your tax records. And while we’re talking about tax records, make sure you change your income tax withholding to reflect your married status.
Did you go on a vacation this summer, and while on this vacation, did you hit a huge jackpot while gambling? If you’re like 99.99 percent of the population, you don’t have to worry about this. But if you did win big while on vacation, you have to report that to the IRS.
Also, don’t forget that if you are returning to school soon, there are tax credits available depending on your circumstances.
One step that a taxpayer can take is to track expenses related to looking for a new job. Many people search for new jobs during the summer, and if you land one or rack up some costs while hunting for one, you could deduct those expenses from your taxes.
Source: Accounting Today, “IRS Summertime Tax Tips,” Accessed Aug. 10, 2015