Tax Tips to Prepare for Next Year's Return

As the tax season is coming to an end, we would first like to thank everyone for another great year and we would like to provide you with some helpful tips to make tax time easier next year.

Review Withholdings- - Every year millions of taxpayers have had more taxes withheld from their paycheck then what they will owe. If you receive a large refund back, you may want to look into adjusting your withholdings to lower the amount of taxes being withheld from your paychecks. If you owed when you filed you should also review your withholdings and consider increasing the federal income tax withheld from your paychecks.

2013 Returns - Be sure to keep all of your 2013 returns and supporting documents in a place that you can easily locate it and that is safe.

2014 Records - Keep a central location where you and/or your household can keep any tax documentation like receipts from charities or mileage logs.

Itemized Deductions- If you normally do a standard deduction you may be able to lower your tax amount by itemizing your deductions, if you are eligible. Schedule A gives a list of items you may be able to deduct. For example, charitable donations, extra mortgage payments, and property tax payments could save you in taxes.

If you have any questions or would like to schedule an appointment please feel free to contact us at 630-663-1500 or you can email us at tax@greatwaysinc.com.