Although individual income tax season ended May 1, there are a number of things you can do now and during 2017 to be sure you’re ready when next tax season rolls around.
- Review this year year’s tax return: If you received a large refund this year or owed a lot, consider updating your W-4 and VA-4 with your employer. Adjusting your withholding could help you more accurately pay the amount of taxes you owe throughout the year.
- Stay organized: Keep your tax documents organized electronically, in a folder, or other filing system. Save previous years’ tax returns, W-2s, and other financial documents so you can refer to them next tax season.
- Save your receipts: Review Virginia credits and deductions that you might qualify for. By saving your receipts throughout the year, it will be easier to complete your tax return next year.
- Protect your identity: Refund fraud as a result of identity theft is a growing problem, but you can take steps to keep your identity safe. Store important documents and personal information in a secure place. Only share personal information, such as your Social Security number and bank account information, with those you trust. It’s also a good idea to check your credit report for free annually with each of the 3 major credit bureaus.
- Consider life changes: What plans do you have? Will you get married, buy a house, or have children? Major life changes can affect your filing status, withholding amounts, and the tax forms you may need to file.