With the new year fast approaching, that means tax season is just around the corner. While you should be gearing up to file your 2016 tax return, you should also be planning for the 2017 tax year. If you make it your resolution to start planning in January, filing your taxes will be a breeze come the next tax season!
Start With Storage
One thing that causes stress when filing taxes is trying to locate tax records. You can avoid this by choosing a dedicated storage space at the beginning of the year, such as safe or filing cabinet, to hold all your tax documents. As you collect them throughout the year, store them right away, so there’s no time wasted searching for them later. When it comes time to file, you’ll have everything you need to avoid tax issues and get your return done swiftly.
Record Your Questions
Filing your taxes is often a complicated and time-consuming process because there’s so much to know about IRS rules and regulations that can only be answered by a tax specialist. You can get a head start by writing down all the questions you have in preparation for working with a tax professional come the new year. With all your questions written down, you can get answers much more quickly.
Compare Your Returns
As you collect documents to prep for next year’s tax season, take the time to review your previous years’ tax returns. Make notes if there are any changes in income that you’ll need to report and compare your previous deductions with the records you have collected so far to make sure you don’t miss anything.
If you’re ready to start thinking about tax planning as your New Year’s resolution, call on Price Advantage Accounting With more than 40 years of experience under our belts, we’re Orlando’s top source for effective tax help!