Tax expert offers numerous tips to plan for the 2016 tax year in a new article published at internettaxconnection.com.
Spetember 09, 2015 — Following the April 15th tax deadline, tax expert Frank Ellis has published various tips for planning for 2016. Tax planning does not have to begin immediately, according to the author. It’s never too early to start thinking about what to do in order to get the maximum refund possible. Ellis lists six tips to help maximize tax refunds.
The first tip provided is to get organized. By keeping financial records and other documents organized, it will help be ahead of the game as tax season arrives, Ellis says. Another tip involves a look at W-4 withholdings. It is possible to adjust how much in taxes is taken from an employer salary. The form, Ellis says, can be updated anytime during the year.
Charity donations are encouraged as well. Charitable contributions can minimize tax liability. The author mentions that TurboTax software can be used to track these, using the Its Deductible app, which will import the appropriate details into the program and save them until taxes are filed
Other tips include contributions to retirement funds. These reduce taxable income. One can reduce their taxable income by the amount contributed to a 401(k) or Traditional IRA. Frank Ellis reveals allowable contributions in 2015 and how they relate to age.
The article also suggests signing up for health insurance, if a tax penalty was incurred for 2014. A deadline for enrolling in a Marketplace plan and the tax penalties for the next year are revealed. The author also suggests updating financial information in the Health Insurance Marketplace if insurance was purchased at the previous Open Enrollment and one received a tax credit to help pay for coverage.
In addition to these tips, Ellis explains that TurboTax will help file the right forms and find the right deductions and credits. The online version provides step by step instructions, ensures one gets the largest refund possible, and offers a tax refund calculator to determine what the taxpayer will get back.
For full details on the tips provided, read the article at http://internettaxconnection.com/tips-to-help-you-next-tax-season/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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