Summer is an ideal time to start organizing 2015 tax records. By gathering information about year-to-date income and deductions now, one can consider actions that could minimize taxes. VonLehman Shareholder, CPA and leader of VonLehman’s Tax Services Group, Curt Wenzler gives you some specifics on compiling your information, so that you can be ready to quickly adjust strategies should tax law changes be passed before year end.
Start organizing your tax records now!
Taxes may be the last thing you want to think about as summer arrives, but it’s actually the perfect time to start organizing your 2015 tax records. By gathering information about your year-to-date income and deductions now, you can get a handle on where you stand — and what actions you should consider taking in the last months of the year to minimize your tax bill.
Being organized is especially important in 2015, given the uncertainty about what will happen with the tax law. You need to be prepared to quickly adjust your strategies should tax law changes be passed before year end.
To get started, gather your most recent paycheck stub, bank and investment account statements and any other documents showing income you’ve received so far this year. Also compile documentation to support deductions and credits you may be eligible for on your 2015 return. The IRS suggests you keep the following:
Bills,
Credit card and other receipts,
Invoices,
Mileage logs,
Canceled, imaged or substitute checks or any other proof of payment, and
Any other records to support deductions or credits.
Once you’ve organized your records, contact your tax advisor to discuss the best strategies for your tax situation.
For more information on this topic or many other tax, business and investment topics, contact your CPA, Business Advisor, or Curt Wenzler, CPA at cwenzler@vlcpa.com.
About VonLehman
Founded in 1946 and with offices in Kentucky, Ohio and Indiana, VonLehman is a leading full-service CPA, business advisory and business turnaround firm. VonLehman provides forward-thinking accounting, tax and strategic business advice to closely-held businesses, not-for-profits and governmental entities throughout the Kentucky, Ohio and Indiana region. Specializing in sectors that drive the economy – including manufacturing and distribution; construction and real estate development; professional services and healthcare, VonLehman provides clients with the depth of services and resources expected from larger national firms, but with an unmatched measure of personal care and attention. See http://www.vlcpa.com for more information.
NOTE: The technical information in this article is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.