Tax Season Doesn't Have to Hurt!

It’s that time of year, friends. The time that brings stress and confusion to so many people – it gets put it off, it’s intimidating, and more often than not it doesn’t yield the results we want.

Tax Season.

We want to make the whole experience less painful. As CPAs we know that a little preparation goes a long way and can really revolutionize your tax experience. Even if you’ve put off prepping all year, this list will help streamline your process and hopefully make this your most painless tax year yet!

First things first: Get your documents in order.

Whether you’re an individual or a business you need certain documents ready to go when it comes time to file and you need to familiarize yourself with those specific to your situation. Make sure your bank statements are printed and highlighted, same with your credit card statements, both business and personal. Additionally, have last year’s tax return on hand and any pertinent business accounting forms (and payroll documents, if applicable).

Next: Acquire your necessary tax documents.

Learn which forms you need to file. Forms are specific to individuals and certain kinds of businesses; make sure you know exactly which applies to you.

Organize your deductions.

Have all your receipts in order. Your statements are highlighted accordingly with expenses and deductions. Make one neat little pile to either go through or hand over to your accountant.

When in doubt…

If you’re not sure whether or not you will need a record or document just play it safe and keep it until you can verify with a professional. The bottom line is it’s always better to have something that might not be important than not have an item that ends up being essential.

Don’t let tax season get you down! You’ve got this, and your CPAs have got your back.