Without an adequate tax checklist, you may find yourself struggling to organize all of the necessary documents. Avoid missing the filing deadline by preparing early with tips from tax planning professionals. If you’re wondering how to make tax season easier, you’ve come to the right place.
Below is a breakdown of the essential tax documents that you should gather in advance. Find out what they entail and why they matter for your next return.
The key to preparing for the upcoming tax season is to start early. Keep your personal information up to date and in a secure place. This is especially important for married couples who file joint returns or those who claim dependents on their tax returns.
You’ll need the social security numbers of every party listed on the return, as well as their date of birth and contact information. Keep your bank account number and routing information handy so you can quickly set up direct deposit payments for any tax refund you may receive.
If you’re wondering how to make tax season easier on yourself, don’t wait until the last minute to procure your financial records. Some of the documents that may be necessary to file your taxes include:
Navigating these tax forms may seem confusing at first. Partnering with an experienced professional helps you make sense of the process.
Although gathering information about your income is a major part of tax preparation, your next focus should be on certain expenses. Spending money on certain things, such as charitable donations or property tax bills, may ultimately reduce your taxable income.
Bear in mind that you’ll need a paper trail for any claimed deductions. The last thing you’ll want to happen as filing deadlines approach is realizing you don’t have the necessary receipts and wishing you knew how to make tax season easier from the start.
Once you start gathering information for your next return, gather receipts for deductible personal or business expenses, including:
Other deductions may be available, depending on your unique circumstances. Consult a qualified accountant or tax consultant to learn if you can further reduce your taxable income.
Small business owners or self-employed individuals have their own challenges when it comes to filing tax returns. If you fall under this category, you’ll need to review quarterly tax payment records, payroll information, balance sheets, and more.
If you ask a professional how to make tax season easier and less stressful, they may tell you to make several copies of these documents. Having both physical and digital copies of forms makes it easier to access information. You can also provide copies to your accountant while keeping the originals.
Stop wondering how to make tax season easier on yourself. Be proactive by gathering your tax documents in advance and preparing for any issues that may impact your filing. Reach out to the experienced tax attorneys at Levy & Associates for assistance with complex tax concerns.
Our team offers accounting services as well as solutions for tax liens, audits, IRS penalties, and more. Give us a call at (800) 829-5389 or submit our online form to connect with a qualified tax professional.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.