It’s January, which means that April 15th will be here before you know it. This means that now is the time when millennials need to be thinking about their taxes. The biggest problem that millennials face during this time of year is that they simply don’t have much experience filing tax returns. Most are just now reaching the point where they have property taxes and other tax returns besides just basic income taxes to worry about. The good news is that there are a few things you can do to make filing your 2015 tax returns easy.
Don’t even think about waiting until April 14th to start doing your taxes. The closer you are to the April 15th deadline, the greater the chances are that you’ll make a mistake that could cost you a large sum of money. Schedule a block of time this weekend to do your taxes and continue to work on them every single weekend until they’re completed.
Don’t Underestimate the Importance of Organization
If you don’t already have all of your finances organized, you need to get organized now. Create a filing system that allows you easily access all of your financial information. Keep all of these files in one place. Once you’ve organized all of your financial information, keep it organized throughout the upcoming year so that in January 2017, you’re ready to do your taxes.
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Learn About Tax Laws
The great thing about this time of year is that many CPA’s and tax attorneys are doing educational seminars and workshops. You want to take advantage of these opportunities. The information you learn at this events could save you from making a costly mistake when you file your taxes. Don’t assume that just because you went to a workshop last year, that you don’t have to attend one this year. Tax laws are constantly changing and it’s in your best interest to stay current.
Meet With Your Accountant and Learn About Deductions
A surprising number of millennials have no idea what they can use as a deduction and what they can’t. Some don’t even know if they qualify for an Earned Income Tax Credit or how their health insurance plan impacts their taxes. The best way to learn all of this information is by meeting with an accountant and having them go over the deductions with you one by one. You should also book an appointment with your account for late in the fall of 2016 so you can discuss what purchases you can make and claim as deductions.
What if You Owe Back Taxes
If you are one of the 1% of American tax payers who gets audited and the IRS determines that you owe back taxes, the best thing you can do is hiring an experienced tax attorney who will help sort out the situation. These attorneys have the experience and connections needed to negotiate a settlement or help you apply for an IRS Offer of Compromise.