While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.
Now is the time to think about what information you will need for the 2013 tax filing season and the steps you can take in the next few months to minimize your tax burden. To help you get a jumpstart on your end-of-year planning and organization, we’ve compiled the following tips.
- Take a look at last year’s income tax return and determine what documentation you will need to complete this year’s return.
- Review the expenses, retirement contributions, and charitable giving that you have planned before year-end to determine if there are any additional deductions that you may still be able to capture for this tax year.
- Organize your receipts and invoices by category and start scanning them so you are prepared for a paperless tax preparation process.
- If you’re not already comfortable using your portal on our website, make sure to check how the process of uploading your tax documents works and how to review your return online so these tasks are quick and easy for you during tax season.
Getting a head start on your taxes now will benefit you come tax time. Providing us with your documentation as early as possible will allow us to process your return sooner so you can receive any tax refund you may be eligible for more quickly. In addition, preparing now will also help you avoid the stress of scrambling for information with a looming tax deadline before you. And remember, we are always here to help. If you have any questions, please give us a call.