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File Last Years Taxes

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Moving is more or less the definition of misery. At least in my opinion. Simply put, I hate it. You probably feel the same or at least close. One of the problems I have with moving is dealing with my mail. Yes, I submit the forwarding notice to the post office, but they seem to take about 30 days to get around to it regardless of what date I list on the notice. This ultimately causes problems since bills usually have a date you have to pay by.

If you moved last year, there is probably one other item you forgot to give notice on. Yep, your taxes. Despite the various conspiracy theories out there, the IRS is not watching you on a daily basis. If you moved, they probably don't know about it. As we approach the tax filing dates this year, what do you need to do to get the problem worked out? The answer is pretty simple.

Your first option is to actually go ahead and notify the IRS of your move like a responsible adult. Since we are talking about the IRS, you know what is coming next. Yep, another form. In this case, you want to get a copy of form 8822, fill it out and send it in. You should be able to download it off the IRS website.

Your second option is what I like to call the lazy adult option. That would be me. When you file your taxes this year, simply write in your new address. The IRS will automatically update it. Make sure you print it and do so clearly. Otherwise, some little grandma in Illinois may get audited!

As you can see, the change of address process is pretty simple. There is one other thing you should keep in mind. If you had a tax refund due last year, did you receive it? If not, it may be because you moved and the IRS can't find you. Think it doesn't happen? The IRS often ends up with millions upon millions of dollars in refund checks it can't deliver. Tax refund checks are not forwarded by the post office, so you might go check to make sure you received your refund. If not, contact the IRS and let them know. They will hold the refunds for three years. After that, you forfeit the right to receive them.

File Last Years Taxes

Using This Years Taxes to Save On Next Years Taxes

For most people, preparing and filing taxes is the equivalent of sticking a pin in a body part. It simply is not fun. Heck, it is not even amusing. One of the reasons is you inevitably find some part of the process where you wonder how you could possible not have more deductions or credits. You fully realize you should tweak your finances to maximize certain expense areas and, by God, you are definitely going to do it for next year. This admirable goal, much like a New Years Resolution, fades into antiquity after about a month. You should not let this happen!

There is no better time than now to proactively plan for savings on next year’s taxes. Having just completed your taxes, you inherently know where you got hurt. Even if you do not, you inevitably felt like you paid more than your fair share. To avoid this, you need to do some tax planning.

Stop groaning. Tax planning may sound boring, but it actually very exciting if you think about it the right way. If I told you a trip to Vegas would definitely result in $2,000 in your pocket, would you be excited to go? Of course you would. Well, tax planning has the same the result. You need to focus on the amount of money you will save.

The best way to go about tax planning is with a proactive accountant. Yes, they cost money, but they will save you far more than you spend and you can write off their fees. A win-win if ever there was one.

When selecting a CPA, you want a proactive one. You want them to look at your tax return and tell you where money can be saved. Then you want to know exactly how much you would have saved last year if you had taken the recommended steps. Yes, it will be painful, but it will also motivate you to get on board with their plan and stick with it.

Paying taxes this year was undoubtedly a painful experience. Analyze the specific areas that caused you pain, and next year will be blissful.

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Both Richard A. Chapo & Richard Chapo are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Richard A. Chapo has sinced written about articles on various topics from Finances, Tax Deductions and Tax. Richard A. Chapo is with BusinessTaxRecovery.com - providing daily .. Richard A. Chapo's top article generates over 22200 views. to your Favourites.

Richard Chapo has sinced written about articles on various topics from Finances, Tax Deductions and IRS Tax. Richard A. Chapo is with - information on taxes. Visit. Richard Chapo's top article generates over 74000 views. to your Favourites.

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