The dreaded tax season is almost upon us…
And while we have a little more time this year to file (more on that in a bit), now is the time to start gathering our paperwork!
The government will process over 147 million individual tax returns; the total amount of individual refunds amounts to more than $324 billion! The average individual gets back a refund of about $2,902. (Geez people, stop giving the government an interest-free loan! Well…that’s a whole other blog topic! Check out this article for other fun tax stats.)
The federal government estimates that 60% of individuals use paid preparers to complete and submit their tax returns. If you are one of these people, it’s important to get started right away so you can have a successful tax return experience.
This year, 2015 federal tax returns (or applications for an extension) are due on April 18, 2016 because Emancipation Day, a legal holiday in the District of Columbia observed one day early this year, means offices are closed April 15, 2016. (Due to Patriot’s Day, Maine and Massachusetts residents have until April 19, 2016, to file.) But even with this slight delay, you still need to start promptly.
Here are a list of resources to get you started:
A personal tax prep checklist from H&R Block.
U.S. News & World Reports has a good article about what tax documents to keep.
Now’s a good time to make sure you have other important documents on hand as well while you’re gathering all of your important tax paperwork. Be sure to check out our Resources tab for our Special Reports: Critical Documents Checklist and a Records Retention Guideline.
As usual, if you feel that you need more help with this process, please give us a call by clicking here. We’d love to help.
Here’s to surviving another tax year!