It may only be the middle of January, but as it happens every year, tax season will creep up on you before you know it. In a few short months, it will be time to scramble through all of your receipts, all of your paperwork, and file – once again.
For the majority of people – taxes are put off until the last moment, and this is a huge cause of the mistakes made on tax documents. Here we will outline a few quick tips for you to start preparing for tax season.
Review last years taxes
By reviewing all that you did last year, you avoid the possibility of missing one of the many moving parts involved in fully completing your taxes. Did you miss any opportunities for exemptions of deductions in the past? Now is the perfect time to see what was done (and not done) last year and make all necessary adjustments before you start working on this years taxes.
Organize your expenses
Like we said, there are many moving parts. Have you saved all of your receipts, and if so, where are they? Are your business expense documents separate from your personal? This organization will help insure you, well, stay organized. Make sure nothing is missing before it is too late.
Speak to a professional
Hiring an accountant can seem like an unnecessary cost for those wanting to do their own taxes, but in the long run, is a decision that can save you thousands of dollars. Missing important exemptions you might not know about or filling incorrectly can both be costly mistakes, both of which professional accountants help you avoid.
Are you looking for more help with your taxes or having problems manages your finances? Hacker Accounting is here to help. Give us a call today at 602-375-5251 for more information.