Tax deadline has come and gone, now it’s time to start planning for next year, says the Internal Revenue Service.
Michael Devine with the IRS office in St. Louis says those who start getting organized now will have a much easier time next year when it comes to filing. He says it doesn’t have to be complicated, putting tax papers and receipts in a shoebox marked “taxes” will work.
He says taxpayers will also need to consider any changes coming that can affect your taxes next year. Having a baby, getting married, getting divorced, or moving. Planning, he says, can save you money, too, if you’re planning on buying a new car or replacing appliances, doors and windows in your home. There are energy tax credits for purchasing hybrids and efficiency items.
“A perfect return is one where there’s no money owed and no refund,” he says, suggeting to those who owed or received a large sum on their taxes this year might want to rework their withholdings to strike more of a balance on taxable income.
Devine says to those who missed the tax deadline, “it’s not going to get better with age.” He says getting them filed as soon as possible will avoid more interest and penalties. And he says the IRS will work with those who owe and have no means to pay, sometimes taking less than the full balance due as a compromise. That goes for those who haven’t filed for years previous, as well. All the forms as well as FAQs and other resources are online at www.irs.gov.
He says about 135,000 Missourians filed for an extension this year, giving them until October to send in their paperwork. He reminds taxpayers that the money owed is still due now, but there are no interest and penalties applied if a refund is headed your way.