Get a head start on tax filing season

posted in: Income Tax, Tax Consulting | 0

Tax season is quickly approaching, but are you ready to file yet?  Probably not, as many tax documents have not arrived in your mail box.  To get a head start on filing your taxes, here are some tips:

  1. Gather information on your dependents.  Did you have any children in 2019?  Be sure to have their Social Security Numbers and birth dates handy.  Or, did you have anyone living with you or dependent upon you that are not in your immediate family?   You may be able to take a tax deduction for them, so you will need their information as well as the amounts that you spent on their support.  Your tax advisor should be able to determine whether you can claim them on your tax return.
  2. Get you tax statements together.  As you receive tax documents in the mail or email, place these all in a folder so that they are in one place when it comes time to prepare your tax return.  For property donations, you should have received a donation statement from them at the time of your donation.  Locate these as well so that you can claim all that you can.
  3. Schedule an appointment with your tax advisor.  Call and schedule an appointment today so that you have a deadline for getting your information together.   Getting onto your tax advisors schedule early allows you to get your tax return prepared on time without needing to file an extension.  As tax deadlines approach, your tax advisor’s schedule becomes busier and it is harder to get an appointment.

Tax season can be a frustrating, confusing and draining time, but if you plan ahead, you can make the process as painless as possible. If you  have great success with organizing your tax information this year, consider making a list of the steps you took to prepare so you can repeat  the process next year.  That way, you can continue to have a smooth tax season in years ahead.

As always, we at Perpetual Resources, Inc are here for you to help you prepare your personal and business income tax returns.