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Tony Novak

Now that you’ve filed your tax return

Posted on Posted in Financial Planning, Tax Planning, Taxes

Now that you’ve filed your tax return, here are three simple tips that can make the next step go smoothly:

1) The IRS does not call you to verify or request information before sending your tax refund. If you receive such a call it is a scam.

2) IRS will begin sending notices to many of the millions of taxpayers who file a Schedule C business income tax return with mismatched income, unusual losses or high travel, meals and entertainment deductions. In my experience, the biggest mistake taxpayers make is responding to these letters by telephone or in writing. An increasing number of “secondary audits” are triggered by information the IRS picks up in the primary audit. There are plenty of high profile tax cases in the news triggered by taxpayers who said the wrong thing when talking with IRS. I suggest that if you receive a letter from IRS, discuss it with a tax professional and do not respond to it yourself.

3) Now is the best time to develop a tax planning strategy for 2016. Often a 45 minute telephone planning session is all that is needed to get started toward saving money next filing season. It could prove to be the most profitable hour of the year!

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