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Find It, Correct It, Shred It

April 15th is quickly approaching and many of you may be putting the dreaded day off to file your tax returns. However, we are pleased to share a few things with you that may put your mind at ease a bit and make you more knowledgeable about taxes in general.  Plus, you could potentially score some points by doing a little spring clean-up around the house.

Find It

There is one thing that many people have in common and that is they want to get paid.  Whether funds are from your employer or a check from Uncle Sam, people look forward to receiving their money.  Here is a helpful website tool to track your refund from the IRS.  Where’s My Refund? is updated once every 24 hours, usually overnight.

http://www.irs.gov/Refunds

Correct It

We often hear people say that they hate paying Uncle Sam and they owe too much.  What many tend to forget is that the tax system is designed on a pay as you go format.  When you earn money, Uncle Sam wants a piece of it.  What happens when Uncle Sam wants more of it come tax time?  This often leads to a few stories – and – yes usually a few words as well.  One tool to help you get prepared is the IRS Withholding Calculator.

http://www.irs.gov/Individuals/IRS-Withholding-Calculator

Shred It

Nothing will make many people happier given this winter than the thought of spring time and warmer weather.  One thing you might consider doing is a little paper cleanup.  If you are tired of winter shoveling, maybe it’s time to exchange that dreary task for a fun shredding project. We frequently hear people ask how long they should hold onto returns and important tax documents. The answer is on the IRS website but of course there are a few points around it.  Take a look and see if it’s time to do some Spring Cleanup.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records

Hoover Financial Advisors is here to help you and others with any number of solutions and – certainly – tax planning is an important piece of the financial planning process.  We carefully look at the different areas of the financial puzzle for our clients and help them build a customized financial plan.  As always, please feel free to contact our office if you have any questions or if we can provide any additional help.