January is the time to begin gathering all our paperwork and receipts in preparation for that inevitable event – filing our taxes.
By Alison Crane
Benjamin Franklin once said only two things were certain, death and taxes. Through the years his quote has proven to be pretty accurate.
For Americans, January is not just the beginning of a new year, it is the beginning of tax season. This month is the time when all the W-2s and other forms begin to appear in our mailboxes. We begin gathering all our paperwork and receipts in preparation for that inevitable event – filing our taxes.
Taxes may be a certainty but with a little record-keeping, taxes do not have to be the death of us or create a financial burden. According to the IRS, you can do a lot throughout the year to prepare for tax season to make it less stressful and your preparation and filing smoother. Planning ahead can help you file an accurate return and avoid processing delays that can slow your refund.
This year maybe it is time to take these steps recommended by the IRS to improve your record-keeping and gain a little peace of mind.
Step 1: Create or access your account information at the IRS website.
Step 2: Gather and organize all of your tax records before filing.
Step 3: Check your Individual Tax Identification Number (ITIN) if you are required to have one.
Step 4: Make sure you have withheld enough out of your paychecks.
Step 5: Having a bank account can speed up your tax refund.
When you are preparing to file your taxes, the IRS website is a good source of information. They have publications available such as Year-Round Tax Planning Is for Everyone and Get Ready to File plus online tools to make filing easier.
You can also visit our Extension website at www.uaex.uada.edu for more information about financial planning. Contact the Garland County Extension office for local programs and resources at 501-623-6841 or email acrane@uada.edu.
Alison Crane is a Family and Consumer Sciences Agent with the Garland County Extension Service. The Arkansas Cooperative Extension Service offers its programs to all eligible persons regardless of race, color, national origin, religion, gender, age, disability, marital or veteran status, or any other legally protected status, and is an Affirmative Action/Equal Opportunity Employer.
