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Tax season is a challenging time of year for many people. Whether you're a small business owner trying to navigate the tax regulations or you're just overwhelmed with a process that you don't fully understand, there are many reasons why people choose to work with a tax preparer instead of doing it on their own. However, there are a few key things that many tax preparers wish every potential client understood. Here are a few of those things:
Make Sure You Have Everything
Don't schedule your annual meeting with your tax preparer until you have all of the forms that you'll need for your filing. This means waiting until you have all of your W-2s, 1099s, real estate forms, mortgage interest documents, and student loan interest information.
If you wait until you have received all of your tax documents before you make the appointment, it will ensure that your meeting is smooth and straight-forward, you won't have to worry about the back-and-forth communication that results from waiting for straggling paperwork, and you'll save money on your tax preparer's time overall.
Organization Is Beneficial
If you are one of those people who shove all of your receipts into a shoe box or grocery bag throughout the year and then just hand over the box or bag to your tax preparer, you're doing both of you a disservice. In fact, when you hand over a pile of crumpled, disorganized receipts to your tax preparer, it takes far more of their time to try to sort through all of that and make sense of it. The more time the tax preparer has to spend on your return, the more it's going to cost you overall.
Instead, keep all of your expense receipts organized in an expanding folder or something similar, with clear records of which receipts apply to what expense. Add up your receipts on a cover sheet for your tax preparer and provide notes and explanations of everything to save time, confusion, and potential inaccuracy.
You Should File No Matter What
Sometimes, people decide not to file their taxes if they don't end up owing the government anything. Whether you're opting to forego a return that the IRS owes you, or you just don't feel like you need to file for whatever reason, it's still in your best interest to do so. Filing your taxes is essential, and the IRS can come after you for unfiled taxes at any time. It's in your best interest to file every year no matter what so that you don't have to worry about any legal ramifications.
Talk with a local tax planning company today about the steps you can take to be ready for the next tax season.