How to Be Less Taxed This Tax Season

It’s that time of year again: tax-filing season. Here are five easy steps to help you make it through.

1. Be prepared. The goal is to meet with your tax advisor or start your tax return with all your information in one file. Put your records in a labeled folder with multiple compartments. As you receive tax information from employers or financial institutions, put them in the folder immediately.

2. Get proper documentation. For any single contribution worth $250 or more, you must obtain a written acknowledgment from the charity.

3. Consult with professionals. A qualified professional can help you navigate (or prepare for) changes in tax laws and minimize taxes. While you are reviewing your finances and assets, it is a good time to decide whom you want to inherit them. Make sure your will or trust still covers everything you own and your beneficiary designations are up to date.

4. File electronically. Visit IRS.gov to explore the many electronic filing options (known as E-File). Electronic filing is the best way to ensure an error-free return.

5. Plan for the future. While your assets and finances are top of mind, consider how you’d like to support organizations that are most important to you. You can extend your legacy of kindness by considering including a gift to Vail Health Foundation through your estate plan.

Information contained herein was accurate at the time of printing. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.