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Start planning your 2012 tax strategy now

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The tax deadline may have just passed but planning for next year can start now. Being organized and planning ahead can save you time, money and headaches in 2013. Here are six things you can do now to make next April 15 easier. 1. Adjust your estimated tax If you're self-employed, did you receive a refund for your 2011 taxes because you paid too much in estimated tax? If so, you should make sure the same thing doesn't happen this year. When you receive a refund it means you gave the IRS a tax-free loan. You should pay the minimum estimated tax possible without incurring an underpayment penalty. You'll do so if your estimated tax payments amount to 90 percent of the tax due for 2012 or 100 percent of the tax you paid for 2011 (110 percent if your adjusted gross income is more than $150,000). 2. Store your return in a safe place Put your 2011 tax return and supporting documents somewhere secure so you'll know exactly where to find them if you receive an IRS notice and need ...