Every year businesses and individuals brace themselves for tax season. While it is always the same time, it seems to creep up on everyone, or perhaps everyone is just putting off taking the time to prepare for tax time. The good news is that there are simple tasks you can do throughout the year, particularly in the months leading up to tax season, to help eliminate the last-minute scramble to get everything in order. Here are some tips and ideas to make tax season a breeze, at least with regards to being organized and fully prepped.
Gather the basics
Make sure that all of the necessary information, including last year’s tax returns, are all in one location. This includes personal data and receipts for deductions. Keep in mind that most people’s taxes will be similar year to year, so last year’s form is very helpful.
Start by downloading or using tax preparation checklist; your accountant will usually have one on his or her website. This allows you to sort, categorize and check off things as you get them prepared.
For both business and personal taxes, using handy accounting and receipt management software can make tax preparation easy. There are great free apps and low-cost software systems that can be customized to meet your needs.
Remember that advanced prep for tax time allows you to check and double check your records and information. This can make a big difference when filing as nothing is missed or overlooked, saving you money and ensuring you get a full refund or avoid overpaying your taxes.
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