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Dec. 20, 2011
The holiday season has just started, but it’s important to remember that also means tax season will be here soon. As you get ready to enjoy this time of year with your family and friends, remember to follow these tips. These simple ideas can make completing your state tax return in 2012 faster and easier.
Keep your receipts together. You can tuck your receipts into a big envelope, folder or even a shoe box. The important thing is to remember to save your receipts and put them somewhere you can find them. Grouping receipts into separate envelopes also makes sense, and makes the whole process easier. For example, one can keep childcare receipts in one envelope, work expenses that were not reimbursed in another, and so on. And remember, if you are buying items online and the company doesn’t charge you sales tax, you are required by law to keep track of those purchases and pay the sales tax on your Indiana tax return. If you have not been doing this through out the year, it’s not too late. You still have time to track down your expenses so that you can be prepared when you file your taxes.
Make a list. Most people have to wait on statements from their bank, mortgage company, and employer (W-2s, 1099s, etc.), before filing their tax returns. Your employer has until Jan 31 to provide your statements, so simply cross off each tax statement from your checklist as you get it in. This will eliminate any uncertainties, speed the filing process and allow you to be confident that you have not missed anything when you file.
Take stock of your life. Did your life circumstances change during the year? Marriage, divorce, having children, even moving can have an impact on your filing status and withholding. If circumstances have changed, it is important that you tell your employer before the year is over and make sure they have your current information on file.
If you follow these tips, you will be able start off 2012 prepared for tax season.
If you have questions or concerns about the upcoming tax season, you can always speak to a bilingual representative by calling (317) 232-2240 (press 2 for Spanish) from 8 a.m. to 4:30 p.m., Monday through Friday.
Also, be sure to visit and subscribe to the Department’s Spanish website at www.impuestos.in.gov/ to get the latest tax updates.
To return to Señora Hinojosa’s tax blog, click here.