Well the #GoldenGirls have successfully made it through another tax season! And even though tax season 2018 is over… starting to prep for next year now can be very beneficial. Here’s how.
It is so simple, right?! Just be organized… well, sometimes it is easier said than done. The #GoldenGirls recommend keeping all of your financial documents in one place for the entire year. This saves a lot of frustration come spring next year. If you keep your documents electronically, then we recommend having one file on your computer that has the sole purpose of holding your documents that you will need next year. As you move through the year, just drag and drop them into the file. You will be all set for next year.
Review your W-4
Be sure that your current W-4 withholds enough so you will not have to owe come next tax season. Any major life changes, like getting married or having any kids, would certainly warrant reviewing your W-4.
Check up on your itemized deductions
It may have made more sense for you in the past to claim more allowances on your W-4 and have less tax withheld because you were itemizing deductions. However, the standard deduction has nearly doubled to $12,000 for singles and $24,000 for couples who file jointly. Because of this, there may be some taxpayers that are not able to itemize any longer, and therefore that would impact how many allowances you get on your W-4.
Remember that we are here!
Lastly, throughout the entire 2018 year leading up to the 2019 tax season – remember that we are here to help. We also care for payroll and bookkeeping needs, as well as your taxes. So while you may be happy that you don’t have to “deal” with taxes until next year, we are always happy to help.