7 Reasons to Start Preparing Early for Next Year’s Tax Season
The thought of starting to prepare for next year’s tax season now may seem like the very last thing that you want to do, but there are many great reasons why preparing early will benefit you once next April rolls around. Use this time to get ahead so that you are in the best possible shape for next tax season!
1. It’s Still Fresh
Since you have recently completed this year’s return, all of the information is fresh in your mind and you can more easily put organizational systems into place for next year that will make completing your tax return next year a breeze!
2. Keep Your Documents Organized From the Start
The best place to start on next year’s return is to create a filing system for all documentation and receipts that you will need at your fingertips next April. Make a file (paper and/or electronic) for receipts from tax deductible donations, information on any additional income, stock sales and retirement contributions so that you do not have to spend time next year pulling all of this important information together.
3. Saves You Time
Keeping track of all of your tax related documentation throughout the year saves you tons of time come April. You will know what you are missing and can have it all ready to go when it is time to file.
4. You Will Know Earlier If You Owe
No one wants to be surprised in early-mid April by finding out that they owe a large sum of money to the IRS. That leaves you no time to plan on how you will pay. If you spend time preparing for your next return soon after you have completed this year’s return, you can see what areas in your income/withholdings have changed and still have time to make adjustments.
5. You Can Hire A Tax Professional If Needed
It can be difficult to find a reputable tax firm to help with your tax return at the last minute. If you have decided that you need the support and assistance, spend time now looking for a tax firm that can meet your needs and whose philosophy is in line with yours.
6. You Can File At The Earliest Possible Moment
Filing early means that, if you are due a refund, you get it earlier. Keep in mind that a refund is actually YOUR money that the IRS is holding onto until you file your return. So, finish your tax return as early as possible and claim your money.
7. Change Your Withholdings If Needed
If you owed a large sum of money to the IRS this past year, it is possible that your income withholdings need to be adjusted. Now is the best possible time to do this so that when you file next year, you’ve achieved a better balance.
Success Tax Relief Can Help With Tax Planning
The professionals at Success Tax Relief enjoy partnering with individuals, families or businesses to help make plans for next year’s tax season. We can offer advice, help review your tax documentation and give you guidance about steps to take to maximize your deductions and keep more money in your pocket next year. Give us a call today at 1-877-825-1179 to get started — it’s never too early!