For this year there's not a lot than anyone needs to worry about.
More Quotes from Cindy Hockenberry:
If you want to save tax dollars, deferring your funds into a retirement account is probably the best solution. That money grows tax free and (if you take out a traditional IRA) you reduce your taxable income in the year you make the contribution.Cindy Hockenberry
The first thing you should do is to not panic. Sometimes they are just looking for a very specific thing, and if you give them what they are looking for it's no big deal. Just give the IRS what it wants and do it as fast as you can. That way it'll be over fast.
Cindy Hockenberry
People forget about tax credits and they don't take all the deductions to which they're entitled. That happens all the time.
Cindy Hockenberry
More and more people are going to fall into the alternative minimum tax trap unbeknownst to them until they get the nice letter from the IRS that says it appears you are subject to AMT.
Cindy Hockenberry
Sometimes it is fun to go back and look at old tax records. But for reasons other than nostalgia, it's not necessary to hold on to most of your records for more than three years.
Cindy Hockenberry
June is a good time to sit down with your tax practitioner and review things to date. If you wait until later it is going to be harder to catch up.
Cindy Hockenberry
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