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Prep for tax season by holding onto important paperwork now

With Christmas, New Year's and other major holidays upon us, taxes are probably the last thing on your mind right now - and rightly so. But if you do find yourself with some down time, it may be a good idea to start mentally preparing for the start of 2016. This is especially true if you own a business and need to file a more complicated tax return.

According to a press release from the agency, the Internal Revenue Service will begin accepting tax returns starting on January 19th. The final deadline for filing will be April 18th, a few days later than usual.

As a business owner or as someone with a diverse financial portfolio, strict recordkeeping is an important way to ensure tax compliance. December is a major month for retail businesses, as well as a major month for charitable giving. Holding on to receipts, balance sheets and charitable giving tax-deduction documents is crucial.

The holidays are also a busy time for selling homemade and handmade crafts online. If you frequently sell items online - even as a secondary source of income - you may need to report those sales and pay applicable taxes.

Until the end of the month, your first priority should be to celebrate the season and spend time with friends and family. But as you do, please hold onto any potentially important paperwork and financial documents. And when it comes time to think about taxes in January, please consult an experienced tax law attorney with any questions or concerns you may have. Happy Holidays!

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