February 2016 Tax Tips

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  • Collect W-2s, 1099s, and other information on income and deductions needed to prepare your 2015 tax return. Make your appointment for tax return preparation early to give you time to find any missing information and still meet the filing deadline.
  • Check for errors when you receive your 2015 W-2s, 1099s, and other tax information forms. If there are errors, contact the sender immediately and request a corrected copy.
  • Check the different filing options you can use on your 2015 tax return. Often a married couple can cut taxes by filing separately if one has lower income but higher medical expenses or other deductions. You have to work out the numbers each way to be sure.
  • If you did not contribute the 2015 maximum to your IRA by December 31, 2015, and you make any IRA contributions prior to April 15, 2016, be sure to designate to your bank or other trustee that these 2016 contributions are for 2015 (up to the maximum allowed). You can then deduct these amounts on your 2015 tax return for a quicker tax benefit.
  • Make your 2016 retirement plan contributions as early this year as possible in order to maximize your tax-deferred earnings.
  • Don’t overlook any of the tax credits available to reduce your 2015 tax bill.

The information on this site is general in nature and should not be acted upon in your particular situation without further details and/or professional advice. For assistance, contact our office.



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