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. Begin by putting together a tax folder with W-2s from your employer, 1099s for other income you may have earned, bank and other financial statements and receipts for things like medical bills and charitable donations. A helpful video from the American Institute of CPAs offers more information on the best ways to get ready now and throughout the year.
Once you’ve gathered all your important paperwork, this is a good time to meet with your CPA to talk about changes in your financial situation or in tax laws that may have an effect on your return. Having this discussion early is key to avoiding surprises at tax time and a great time to get started on planning that can potentially minimize your tax bite and strengthen your financial situation.
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