Now that tax season has officially begun, taxpayers across the country are seeking ways to minimize the amount owed to the government and maximize their chances of a refund. But it's not too early to begin to think about 2010′s taxes and what can be done now to lessen the tax bite next year.
The Insured Retirement Institute has issued a helpful on-line checklist, "Tips for Preparing for Tax Season," to assist in making sensible tax decisions throughout the year.
Cathy Weatherford, CEO of IRI, said, "As the saying goes, a little bit of planning can go a long way. And this certainly holds true when it comes to preparing and filing your taxes. Small steps taken today can have a long-lasting, positive impact on future tax filings. From adjusting withholdings in a paycheck and making donations to charitable organizations, to investing in a good financial management software package, many opportunities exist to help ease the burden of tax season."
Concerning planning for retirement, Weatherford said, "I strongly urge all consumers to increase their pre-tax contributions to qualified retirement savings plans. Doing so not only can help reduce their tax liability, but also has the added benefit of putting more money aside for retirement. And don't forget about the powerful tax advantages of guaranteed lifetime income tools such s variable annuities."
Click here to read IRI's tax tips.
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