10 Things to Do Now to Lower Your 2016 Tax Bill
If taxes are on the agenda for the new year, the focus is probably on getting 2015 materials together ahead of the April crush. But it also makes sense to start preparing now for the 2016 tax year and plan periodic maintenance check-ins. These tips can help individuals and small-business owners lower their tax burden, avoid audits, and feel a little better about the whole process.
Job hunting this year? Save all the relevant receipts. There is a deduction for everything from buying résumé paper to traveling for job interviews. This may not amount to a lot, and applies only for people who itemize deductions, but it takes some of the sting out of the search.
Make notes and keep documentation for everything. It is important to have proof of events and expenses if needed, and sometimes it can be hard to remember specifics. This is particularly important for events that occur early in the year, which may be long forgotten when it comes time to file the 2016 return next year.