We understand— holiday leftovers are still in the fridge and nobody wants to begin thinking about taxes. But the key to a stress-free tax year is leaping out ahead of the curve to ensure that deadlines and regulations don’t catch you by surprise. In order to assist you on your quest for tax domination, we’ve provided an assorted list of tips and areas of focus to help make the 2016 tax season your most effective and stress-free yet.
Protect Yourself From Identity Theft
Among the most important issues facing the IRS and taxpayers in general in 2016 is the rise of organized identity thieves targeting taxpayers, tax returns, and other avenues for criminal profit through the tax system. The IRS has already taken steps to combat this rising threat, including the implementation of over 20 new fraud-battling data points that will be used in the vetting of tax returns beginning in 2016. While the IRS has assured filers that these new measures won’t result in drastically different processes for filing returns, they will likely lead to a slower processing system for the IRS which might mean slower refunds.
But how can you take your own steps to protect your tax forms from becoming targets of identity theft? One promising tool is the use of a highly-secure document management system, one that will store your archived tax documents digitally behind several powerful walls of encryption and safeguarded security. Use of secure DMS software is on the rise as companies all over the world begin to appreciate the power, safety, and convenience that comes from going paperless with trusted software.
Know the Deadlines
2016 will have many tax filers being very thankful for obscure federal rules. This coming year, Washington, D.C. will celebrate Emancipation Day on April 15th. Federal law says that any holiday celebrated in the nation’s capital must also be acknowledged when it comes to taxes, which means that this year’s filing deadline will fall three days later on Monday, April 18th. While that certainly won’t be the most joyous weekend of your life, we’ll all be thankful for a few extra days to file.
Go Paperless
Beyond the obvious security benefits of moving to a paperless filing system, 2016 will be the Year of Going Paperless for other time- and cost-saving reasons as well, particularly when it comes to taxes.
The organizational benefits of using a document management system are made even more significant when applied to retaining tax documents— every individual and business dreads the time, money and man-hours wasted when spent rooting through physical filing cabinets for critical tax information. Using a DMS allows businesses to scan, save, organize, search, and instantly recall any document in their physical files. Those files will then be backed up and securely encrypted, ensuring that they’re kept safe for the duration of their usefulness and beyond.
Unlock the Power of the Write-Off
Each year, the IRS updates their list of acceptable tax write-offs and deductions. Staying on top of these potential money-saving opportunities will lead to significant savings and potentially sizable refunds. For individuals, there is a wide range of diverse and even obscure opportunities for deductions— everything from moving your pet to your new home to programs used to quit smoking.
For businesses, there are distinct lists of allowed deductions that vary from industry to industry and even between businesses in the same industry. It is in your best interest and well worth the time investment required to research and fully understand the potential deductions that could await you and your business.
Once you know the deductions that are available to you, using a DMS to digitally file and organize all of the documents necessary to access those documents will be critical. Select a DMS that offers full text search, and advanced function which takes document scanning a step further to actually recognize letters, numbers and symbols on a scanned document to make them fully searchable. Does your business deal with a certain product that you know is tax deductible? Simply search that product’s name and be presented with every scanned receipt, invoice and document in your database that references that product.
DMS: Your Ticket to Tax Domination
Whatever your business’s unique tax needs may be, your potential to save a great deal and make your filing experience as stress-free as possible is maximized when using a powerful DMS. eFileCabinet offers an advanced, incredibly intuitive system that utilizes a common-sense approach to organizing documents. You determine how your documents are digitally filed, as well as how they are searched and secured. With eFileCabinet, saving time, money and work hours simply comes with the package.
In order to find out more about the diverse and powerful benefits that eFileCabinet can bring to your business, fill out the brief form below to receive a free 15-minute demo of eFileCabinet’s advanced software.