With April right around the corner, tax preparation has officially started. Many people put off preparing their taxes till the last minute, then scramble to get paperwork submitted. Often times, during these mad dash filings, we tend to forget simple things that could save us money on our returns. When it comes to preparing taxes, seeking help from professionals can help make the filing process easier and less stressful. If you’ve decided to seek professional tax preparation, here are some helpful tips to get the most from your return.
Small business owners juggle a lot of things at once. Operations, management, and finance are just a few of the tasks owners must handle, so things can get misplaced or lost. When it comes to deductions, make sure to look at your previous year and see if there are any missing fees or transactions from your records. Did you make business purchases with cash? Were there fees you didn’t account for? Things like forgotten credit card transactions, merchant fees, and cash payments can slip through the cracks, costing you money on your taxes.
Trace Your Money
Knowing where your money is coming from can help with tax preparation. When people pull money from their pension it is subjected to taxation. Many of our clients have brought in their filings only to find out they owe a large sum from a withdrawn pension. Depending on a few factors, stocks you own could also be subject to a long-term capital gains tax. Some of our clients have rental properties or other sources of side income. This money is often forgotten until tax season and could prove to be costly. Having a firm grasp on sources of income and where money is coming from could prevent a large tax burden when filing for a return.
Previous Tax Returns
This one seems simple, but it is frequently forgotten. If you’ve maintained the same job or similar income levels, having your previous tax return could make the filing process much easier. Even if you’ve changed jobs or income levels, bringing old returns to your professional tax preparation service makes the process smoother. Armed with last year’s return, your tax preparation service will be able to compare previous deductions, contributions, and other factors which can lead to a larger return on your taxes.
Don’t let April sneak up on you. With less than 3 weeks until IRS tax deadline, now is the time to seek out help for tax preparation. When you use a professional tax preparation service you are guaranteeing the tax filing will be prepared accurately and yield the best return available. If you’re looking for a licensed, honest tax preparation service, we would love to talk with you. Fill out our free contact form below to get started!