It’s hard to believe it but the end of the year is nearly here.
The arrival of the New Year is right around the corner and with its arrival comes three things we can always count on: well wishes for a prosperous new year, resolutions made in fun, and - taxes.
Dreading Tax Time Again?
If you are dreading the idea of doing your taxes again, you are far from alone.
It’s faster, it’s easier, and in a high percentage of cases, professional preparers actually save their clients money by having a better knowledge of things like applicable tax deductions and credits.
Go Into Filing Taxes Prepared
To ensure a tax service can most accurately prepare your taxes once 2022 arrives, it does require a little bit of pre-planning.
Now is the time to start gathering all your paperwork for the year so it is all available once you are ready to submit files to your income tax service.
You can beat the tax preparation rush that starts within a week or two after the new year by having all of your files collected and ready to submit, allowing the preparer to start sooner, rather than later.
Start Working on Gathering Tax Info Now
Though you won’t have every last receipt or pay stub until after December 31st, you can avoid delays in collecting your files by starting now.
Assemble pay stubs, receipts and logs for deductions, available bank and tax statements and any other important paperwork that will affect your tax return.
This is a good time to find a copy of last year’s taxes as well, which may be necessary to help with the filing of this year’s taxes.
Then the only thing to wait for are any final bank, pay, and tax statements that come in after the 1st of January.
Being Prepared Will Make Your Tax Accountant Happy!
As with anything else, early preparation for what is inevitable makes dealing with it go more smoothly.
Rather than searching frantically for documents, reports, and receipts at the last minute, start collecting important paperwork now so your files are nearly complete as the new year arrives.
If you have special filing needs, run a business, or have other questions about filing with an income tax service, this is the best time to call your preparer to discuss it, too.
When you show up with everything your tax service needs to prepare your tax paperwork, it will mean less hassle for all and a speedier return if you are getting one!