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4 Ways to Prepare for Tax Season

February 11, 2016 | By More

tax time checklistTax season has officially begun. Not excited? Don’t worry, this can be a stressful time for a lot of individuals and businesses but it shouldn’t be. Here are four simple ways to help tax season go as smoothly and pain-free as possible.

  1. Find a Tax Preparer You Trust – When it comes to your money, you want to work with someone you trust. It is a good habit to meet with your tax accountant and discuss the upcoming tax season. Be sure to find out exactly what the tax accountant needs from you but also, what is expected of them. If you’re feeling left in the dark, ask questions so you can fully understand your return.
  2. Stay Organized – This time of year your mailbox might be full with vital tax documents. Be sure to set aside any forms you receive such as a W-2, 1099, health insurance form, etc. Keep all forms and any receipts or other documents you will need in one, safe place. Once everything is collected send the packet over to your tax accountant. This helps create less hassle of constantly sending documents and worrying about where you put everything.
  3. If You’re Expecting a Tax Bill – If you expect that you may have a tax bill it is a good idea to begin and set aside money if you have not made estimated tax payments throughout the year. Working with a tax accountant will help give you a better idea of what to save. If you feel you may have trouble making the complete payment by the end of tax season talk to your accountant about setting up a payment plan with the IRS to avoid any penalties and interest.
  4. If You’re Expecting a Refund – Be sure to give your tax accountant all bank information so any refunds you receive can be directly deposited into your checking or savings account. However, if you’d prefer, you are still able to receive a physical check in the mail.

Contributed by Alan Rackson – Enrolled Agent
Rackson Group Accounting Services is located in Danbury, Connecticut. For more information or to contact Alan Rackson, visit http://www.RacksonGroup.Com

Article information should not be used exclusively to make legal, financial or tax decisions. Because laws and rules can change frequently, topics may not always be updated to reflect these changes or may not apply to your unique situation. It’s prudent to seek out the advice of a professional for your specific needs.

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Category: Taxes

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