1. Take action when life changes occur.
Some life events, like a change in marital status, the birth of a child
or buying a home, can change the amount of taxes you owe. When such
events occur during the year, you may need to change the amount of tax
taken out of your pay. To do that, you must file a new Form W-4,
Employee's Withholding Allowance Certificate, with your employer. Use
the IRS Withholding Calculator
on IRS.gov to help you fill out the form. If you receive advance
payments of the premium tax credit it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace.
2. Keep records safe. Put your 2013 tax return and supporting records
in a safe place. That way if you ever need to refer to your return,
you’ll know where to find it. For example, you may need a copy of your
return if you apply for a home loan or financial aid. You can also use
it as a guide when you do next year's tax return.
3. Stay organized. Make
sure your family puts tax records in the same place during the year.
This will avoid a search for misplaced records come tax time next year.
4. Shop for a tax preparer.
If you want to hire a tax preparer to help you with tax planning, start
your search now. Choose a tax preparer wisely. You are responsible for
the accuracy of your tax return no matter who prepares it. Find tips for
choosing a preparer at IRS.gov.
5. Think about itemizing. If you usually claim a standard deduction on your tax return, you may be able to lower your taxes if you itemize deductions instead. A donation to charity could mean some tax savings. See the instructions for Schedule A, Itemized Deductions, for a list of deductions.
6. Keep up with changes. Subscribe
to IRS Tax Tips to get emails about tax law changes, how to save money
and much more. You can also get Tips on IRS.gov or IRS2Go, the IRS’s
mobile app. The IRS issues tips each weekday in the tax filing season
and three days a week in summer.
Additional IRS Resources:
- Publication 505, Tax Withholding and Estimated Tax
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