It’s that time of year again, when HR management gets inundated with update, alteration and other requests for tax documents required for annual filings. Many Americans may count on tax returns to float their financial plans for the next few months, but even getting an early start this year may not expedite a refund. There are some things that people should be mindful of when going into the 2012 filing season.
First of all, the Huffington Post reminded private filers that this will be a delayed season. Since the fiscal cliff was resolved so late, the Internal Revenue Service (IRS) won’t be accepting electronic or paper submissions until January 30. That doesn’t mean that people should wait until the end of the month, however. Now is an ideal time to set up an appointment with a financial investment advisor and review last year’s income results, look over the present monetary situation and make some smart moves at the start of 2013.
What’s more, the temporary filing moratorium means people missing specific paperwork have a few extra weeks to procure these necessary documents. Having every earnings statement, savings report and 1099 or W-2 relieves the need to file an amended return in the future, simplifying the process. Whereas in the past some individuals may have rushed into the process and wound up struggling with multiple updates, now taxpayers have ample opportunity to file orderly returns.
Considering private options
With all this leisure time,people may also want to start thinking about what accounting services they currently use. Entrepreneur Magazine wrote that, in a landscape where money is tight around the world and investing strategically could make the difference between solvency or dissolution, making sure that an investing consultant’s financial planning styles match that of the client he or she serves. If a person is less aggressive, that individual should take this time to reconsider finding financial investment advice that matches this mentality and long-term strategizing.
The last thing that Entrepreneur mentioned that could benefit those handling their taxes on their own is to always ask professionals for their input on what filing programs to use. Finding out what software is in play at a consultant or accountant’s computer can help individuals plan their technology acquisitions in a way that can help them keep more of their own money.