The 2016 tax season will be here before you know it. Fortunately, to make your IRS filings this year a little easier, there are some tax tips you can take in preparing for that dreadful April 15th.

Clarify Your Tax Filing Status

Did you get married this year? Did you and your spouse have a baby before December 31st? If you’ve had – or could still have – any significant life changes in 2015, your tax filing status may change from the last time you filed with the IRS. This is because you may be able to file jointly with your spouse for your 2016 taxes, whereas you might have been an individual filer before. Head-of-household filing status is another possibility if your parenting situation changed last year. You may also be eligible to claim a new dependent on your return if you had a baby, which can help reduce your tax bill.

Organize Your Tax Documents

Another important IRS tax tip involves carefully organizing all of your tax documents and other important financial records now so that you’re prepared to easily find them during the 2016 tax season. Along with submitting Form 1040 to the IRS, you may need to verify the tax deduction and credits on your return by including receipts or other forms of documentation. The IRS wants to ensure you are legitimately claiming tax breaks, so they may need to see this information spelled out more clearly. Create a folder with all tax-related documents so that you know where they are and can easily access them. Getting everything together now can make your life so much easier in the spring.

How Will You File In 2016

Decide how you’ll prepare taxes in the spring. Do you plan to handle them all by yourself? Would you rather let an experienced CPA ensure you receive all eligible tax savings and guarantee you are compliant on all fronts?

Will You Owe or Will You Be Getting a Refund?

Whether you’re a math whiz or can’t stand working with numbers, there are some simple ways to project how your tax situation will play out after you file. Examine how much income you have earned in 2015. Determine how many tax deductions and tax credits you plan to claim. Clarify which income tax bracket you will fall into and whether this rate may change compared to previous filings. If you’ve earned business income this year, account for this figure, and estimate how much you hope to earn the rest of the year. Once you’ve run these numbers, you can get a basic idea of how much you’ll owe and any refund amount that may be coming your way.

Smart to Save For The Unexpected

Although you may not owe much in taxes next year, or you anticipate a nice fat refund check, it’s smart to have money at hand to make tax payments every year. The last thing you’d want is to get hit with hefty penalties because you didn’t have the cash in hand at the time. If you set aside 3-5% of your monthly paychecks, you can be certain to have the funds to cover the unexpected.

Tax Deductions And Tax Credits

Perhaps one of the most important tax saving tips involves researching your tax deductions and tax credits. Our lives can change from year to year just like IRS tax deductions and tax credits do. So, update yourself on the latest tax breaks to ensure you take full advantage of any tax savings you deserve.