After the stress of the tax season is over, it’s perfectly understandable to be so relieved that you want nothing to do with taxes for another 11-and-a-half months. But as you’ve probably already learned, you can ease the burden of next spring’s tax work by doing just a little extra planning ahead of time.
When you work with a certified accountant for tax preparation in Jamestown, ND, you can help your future self out by getting your paperwork and finances organized before April. Here are a few tips to get you started.
Decide how to organize
There are a lot of great ways to stay organized, thanks to the digital age in which we live. So if you’re feeling tech savvy or even a little curious, you’ve got a lot of great apps to choose from. There are also computer software options that many people find extremely helpful. If you aren’t into online options, don’t feel bad! It’s better to be honest with yourself about what you’re likely to commit to, and go with that system. Try a simple filing cabinet system, for example. If receipts are your nemesis, take photos to keep on your computer, or have a designated manila envelope where they always go. Whatever approach you decide to go with, make sure it’s a system you’re very likely to be able to stick with year-round.
Get to know a great CPA
Last-minute questions come up during tax season, and there’s no need to feel bad about it. But wouldn’t it be great if you could have answers to those questions (and lots of others that you might have) well ahead of deadline? Plus, if you already have a great CPA who helps with tax preparation in Jamestown, ND, you don’t want to make it extra challenging for them to file your taxes and sort through your paperwork and requests come April.
Give your CPA a call and ask them to get together with you for coffee, lunch or an office appointment. Bring a list of your questions, tell them your financial goals and alert them to any special purchases or other tax-related financial decisions so they can advise you about how to save and what paperwork to keep. This will also help you know ahead of time what to expect when you submit your information for them next tax season.
Create an income projection early
Most businesses are careful to put together an income projection so they can plan for their year’s expenses. This can also be a great practice for individuals. Consider things like self-employment, bonuses or miscellaneous income, tax write-offs, stocks and other items. Your CPA can help you plan and make sure you not only don’t owe a surprise payment on tax day, but also get as much back as possible.
Call Craig S. Hanson, CPA to find out how you can have your most stress-free filing yet with a little help with tax preparation in Jamestown, ND from a professional who has your best interests in mind.