Download - Tax Tips to Avoid Surprises at Tax Time
Tips to Avoid Surprises at Tax-
TimeEven though only a few months remain
in 2015, you still have time to act to avoid tax-time surprises next April.
Here are some actions you can take:
Check your withholding
Make sure you are having the correct amount of taxes withheld from your pay by using the IRS’
Withholding Calculator on IRS.gov. Using estimates of your salary,
investment income, and deductions for the rest of the year, the
calculator tells you exactly how to fill out your W-4 to get your refund
as close to zero as possible.
Report important changes in
circumstancesIf you purchase health insurance
coverage through the Health Insurance Marketplace, you may
receive advance payments of the premium tax credit. It is
important that you report changes in circumstances, like a job
change, change income or change in family size, to your Marketplace
so you get the proper type and amount of premium assistance.
Change taxes with life events
Certain life events may impact your taxes. These include, marriage, divorce
and the birth of a child. When any of these
important live events occur, submit a new Form W–4
with your employer.
Be accurate on your W-4
When you start a new job, your new employer will ask you to fill out a Form W-4. It’s important for you to accurately complete the form to avoid having too much or too little taxes
withheld from your pay.
Pay estimated tax if required
If you receive income that is not subject to
withholding, you may need to pay estimated taxes. This may include income such as self-employment,
interest, or rent.
To Learn MoreVisit
www.taxassistancegroup.orgOr Call
(855) 549-7829
Source: IRS Special Edition Tax Tip 2014-21, October 23, 2014, Still Time to Act to Avoid Surprises at Tax-Time. <http://www.irs.gov/uac/Still-Time-to-Act-to-Avoid-Surprises-at-Tax-Time>