5 Tax Tips to Know This is a great year for change.We’re not talking about your weight or your personal relationships, we’re talking about your taxes.
1. Get Organized – Start a tax file or box in which to keep track of all your year end needs for preparing your tax returns. A simple manila folder, large envelope or a shoe box. As the year comes to a close, begin throwing those final month’s statements and reports into your holding place for year end submission to your accountant.
2. File your returns quickly – Expecting a refund this year? The sooner you file, the faster you receive your refund. NOT Expecting a refund this year? The sooner you prepare your returns, the sooner you will know how much you must pay and can plan towards knocking off that debt. Knowledge is Power even in the case of handling a debt. The most important reason for filing early? Think about it – do you really want your accountant working on your finances when he or she is exhausted from the overload of demanding clients up against the deadline?
3. Once your tax returns are prepared..take time to review your documents before signing.
4. Plan Ahead – Set a calendar reminder for the last quarter of the year to start planning for the year end tax reporting. Give yourself enough time to prepare your taxes to ensure there are no mistakes.
5. Have Questions? Contact your tax accountant immediately to get all your questions answered.