Tax Season Shouldn’t be Taxing! 4 Tips to Make Your Tax Preparation Easier

Posted On: December 12, 2018  0 Comments

Does doing your taxes rank right up there with getting dental work? It doesn’t have to! With a little planning now, this tax season can be a breeze.

Schedule an appointment early.

Our calendar fills up fast as people begin to receive their W-2s. Take the stress out of filing by scheduling as soon as you have your documents together. Leave yourself time before the April 15th deadline to catch and sort out any issues that arise. By scheduling with us and filing earlier, you get your refund faster or have more time to pay what you owe, and protect any refund from identity thieves.

Get organized.

Get a manila envelope or folder, label it and place it near where you sort your mail. As the forms from your employers, banks, and brokers start rolling in, collect them all together in a safe spot. Organizing them further into categories will make your tax preparation session quicker and easier. Check our what to bring list so you know when you have received all the forms you are expecting.

Gather your receipts together.

You will also need the receipts for any expenses you plan to deduct. Which receipts you need will depend on whether you choose to itemize or claim the standard deduction. The only way to make the best decision for you is to have all your possible deductions available to add up and compare against your eligible standard deduction.

Reduce your taxable income.

Are there any charitable donations you were planning to make? Have you made the maximum contribution to your Health Savings Account (HSA)? If you are expecting an end of year bonus, can you defer it to be paid in January? Check your 401(k) and IRA statements. Have you invested as much as you can afford up to the maximum for which you are eligible? Talk to your financial advisor or broker and make sure your investments are in the appropriate vehicle for you and your tax situation. This is a good checkup to do regularly even if you won’t see a tax benefit for another year.

Your time is valuable. Don’t let your taxes cause you unnecessary stress and take hours of your free time. Let us make the 2018 tax season as fast and easy. Call 860-216-2195 to schedule your appointment.

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