Winnie Anne Wright
March 5, 2014
Valdosta, GA - "Tax planning is necessary. It's not best to think about tax season only January through April. You need to do some tax planning throughout the year", says Buffie Purselle, Managing Member of Buffie the Tax Heiress.
Taxes aren't due until April 15th, but Purselle says putting them off could leave you without enough time to find old forms and receipts.
"Come in now because it's likely that we will know about some tax law changes that you don't know about and we can send you home to rustle up the documents so that we can take advantage of those credits for you", says Purselle.
Another reason to not wait til the last minute-- a piece of legislation meaning big changes this tax season.
"This year is a little tough for high income tax payers. Anyone earning more than $250,000 a year will experience additional taxes that they've never had to pay in the past due to the affordable care act", says Purselle. "There's an additional medicare tax this year, and there's an Investment Net Income surtax this year that people have never had to pay in the past. "
She says, when it comes to tax preparation, organization is key. You never know when a receipt could mean a big deduction on your taxes.
There are a lot of apps available now to help you keep track of your expenses. Purselle says, technology can keep you from accidentally throwing away receipts and can even track your mileage for you.
Failing to file or pay your taxes can add up to more than 47% of the tax owed or even possible jail time. Interest is also charged on any unpaid tax from the due date of the return until the date of payment.
You can visit irs.gov for more information.