5 Things You Should Know Before You Get Your Taxes Prepared
Each spring, there is an extra thing on the “to-do” list. In addition to all of the routine tasks on your plate, you also have to get your taxes done. This daunting task seems to always take more time than expected and requires you to gather a lot of information from a variety of places.
Some things come in the mail, other things need to be downloaded online. And there is always the nagging question of whether or not you have everything you need. Before you take all of your tax documentation to a firm to be prepared, there are a few things you can do to make this process simple and easy. Follow these easy steps each year and you will find that the entire process will go much more smoothly.
What you Need to Have Your Taxes Prepared
1. Put time on your schedule to get started: Make an appointment for yourself – literally, on your calendar. This is perhaps the most important thing you can do to get this process started. Ideally, this time can be scheduled for sometime in February, after all of your tax forms have been sent to you but in plenty of time for you to get the necessary materials to your tax firm.
2. Get Organized: Create a tax file for yourself each January. Every time you donate items, make a contribution to charity or when you have a life change that may impact your taxes, put a note in this file. Once the year ends and you begin receiving 1099s and W-2s in the mail, add them to this file. This will minimize the time that it will take you to pull all these materials together and minimize the worry you will have that you may be missing something.
3. Do your homework: Get informed about any changes to the tax law that have been put in place since the previous year.
4. Follow-up: If you do not receive an expected 1099 or a W-2, follow up. The IRS receives all of this information as well and you do not want it to seem as if you are withholding information about your income. It is always best to be proactive and try to obtain all necessary documentation.
5. Get help: Seeking help and guidance from an experienced tax firm is never a bad idea when it comes to taxes, particularly complicated ones. Tax specialists are trained in new tax law and what forms to look for and can help keep your audit risk low.
Success Tax Relief is a full service tax relief firm, based in Texas but serving thousands of customers all over the country. Many of our customers are not facing major tax problems, but just need help with routine tax preparation. Give us a call now at 1-877-958-6638 for a free consultation. We can begin working with you immediately and can review all of your tax documentation and come up with the best plan for filing your return, keeping in mind that a secondary goal is to save you the most money where we can!