Are you ready for tax time? There are a couple of steps you can take now to alleviate some of the stress of filing your return. Plan to get organized early by creating a tax folder for all your tax documents such as W-2s, 1099s, bank statements, and receipts for things like medical bills and charitable donations. In addition, you can download a tax organizer from my website to assist in compiling all the necessary information to provide your tax preparer.
Upon gathering your essential paperwork, I suggest meeting with your CPA to discuss any changes in circumstances or tax laws that may have an effect on your return. Reviewing your financial situation early in the filing season (i.e., January – February) is key to avoiding surprises at tax time, and it provides a tax planning opportunity that may result in minimizing your tax bite now or in the future.