With Labor Day weekend just around the corner, this is the perfect time to put your taxes in order. Today we show you four simple things you can do over the long weekend to save time and money down the line.
4 Tax Tips for Labor Day Weekend
As the old saying goes, forewarned is forearmed. This long weekend, find the time to put into practice these four simple tips that will help you avoid a lot of headaches.
Take a Look at Your Tax Records
This is a good time to take a look at your tax records. If you don’t have one, then take advantage of the long weekend to create one.
Remember that, as a general rule, the IRS recommends keeping tax records for three years after filing the corresponding tax return. Once your tax records are complete, make sure to keep the documents in a safe place.
Make Copies of Important Documents
Another way you can take advantage o the long weekend is by making copies of any important tax document. The documents you may want to photocopy include tax returns, letters from the IRS, and any document related to your wages/salary, among others.
As with your tax records, you should store these copies in a dry, safe place.
Check Your Withholding
Simply put, checking your withholding means making sure that your employee is retaining the right amount of tax from your paycheck.
This is an easy way to ward off surprises, because if your employer is withholding less money than they are supposed to, you may have a big tax bill next year, or you may even have to pay a penalty.
Luckily, you can check your withholdings without even leaving your home. Just open the official Tax Withholding Estimator, and follow the instructions as they appear on your screen.
Contact a Tax Pro
From IRS debts to relief measures related to the coronavirus pandemic, most people have questions about taxes, but they feel they never have the time to contact a tax professional and get answers.
If that’s your case too, the long weekend is the perfect time to finally pick up the phone or send that email and contact a tax expert who can give you the assistance you need.
Contact the Experts at JT Tax Services
Do you need help preparing your taxes? Did you receive a letter from the IRS? JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (email@example.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.