When it comes to tax season, all of the different forms, documents, and everything else that comes with filing every year can be overwhelming, but it can be done. Below are a few steps you can take to ensure that filing your taxes goes by as smoothly as possible.
One of the best ways to ensure that you get the most out of your tax season is to enlist a qualified team of tax professionals to help guide you through the different forms and terms you’ll encounter. The right tax preparer will able to make sense of your income, expenses, deductions, and assets to find the right tax solution to your unique situation.
Once you have decided on how you will go about preparing your taxes, the next step is to get your information in order. Help out your tax professional by having your information ready. Fill out any questionnaires you may receive and gather forms such as your 1099’s or W-2s. You can also help your preparer help you by answering any questions they have for you. Per an article from Business Insider, some of the information you will need on hand is:
• Your license
• Your social security number
• If you’re married, you’ll need your spouse’s information as well.
• Information for any dependents that you will be claiming on your taxes
Keeping track of your income and expenses will be another big part of filing your taxes. If you work a typical job, you may be familiar with a W-2 form you get from your employer, but freelancers and entrepreneurs may find the process trickier. HuffPost reports some of the things you may need such as:
• Employee wages
• Office rent
• Payments to contractors
• Equipment and advertisement expenses
• Mortgage, utility, or rent payments for home businesses
To learn more about properly preparing for tax season, contact us today.
Tax Tips for the Self-Employed
529 Savings Plans
The Advantages of Being an S-Corporation
Understanding Your Balance Sheet
How (And Why) to Create Your Business Budget
How to Invest Your Business Profits