End of Year Tips to Prepare for the 2017 Tax Season
Preparing for Tax Season
It’s autumn, which means that the holidays are almost here: time for food, family, festivities, and perhaps traveling. It also means that tax season is just around the corner, and while no one wants to think about taxes early, getting organized now will prevent headaches when you’re filing your 2016 return.
Here are a few tips to help you prepare:
- Catch up on records from previous months: if you’re behind on your financial and expense records from previous months, there’s no time like the present to get that all in order. Don’t wait until tax time to get caught up, as you’ll have an even longer backlog come February.
- Organize everything: this may seem like a no brainer, but the sooner the better. Plan ahead if you’re planning to claim deductions or tax credits, and organize the associated documentation. Dig up receipts and invoices now, so you won’t have the extra hassle of rummaging through records at tax time.
- Take time to put everything in order: with the holidays coming up, you’re bound to be busy, but after the festivities you’ll likely have some extra downtime. Use some of that extra time to organize things.
- Find a good CPA: you’re organized, but you don’t feel like going through the hassle of crunching numbers? A good CPA can help you with that, and can help you maximize your tax return.
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