This year’s tax season just ended and many Americans are happily saving or spending their tax returns. Tax season can be a challenging time, particularly if your financial situation just changed or you own a business. If your situation is extremely complicated, you might rely on the help of a tax preparer in Jamestown, ND.
It’s never too early to start planning ahead, though, and getting a jumpstart on next year’s taxes can help you save time and money! By being more financially prepared well in advance of tax season, you can find ways to avoid owing as much. You can also help save yourself from a lot of the stress involved with last-minute filing.
Try out these tips to plan ahead and prepare for next year’s taxes:
- Think ahead: The first step to preparing for next year is to plan ahead. Are you planning on making any major financial decisions this year, like buying or selling a house or having children? All of these things can impact your tax liability for better or worse. If you are unsure of how to manage the changing financial tides before the end of the year, speak with a tax preparer in Jamestown, ND ahead of time to see how you can better prepare for next year’s taxes.
- Change your withholding: A lot of people don’t realize that the amount they have taken out of their paychecks each week may not be adequate for the amount of taxes they owe. You may have more taken out week by week and receive a large check come tax day, or might have too little withheld, meaning you’ll owe a chunk of money later. Review your income and withholding and adjust it by filling out a new W-4 to make it more accurate.
- Keep track of itemized deductions: If you own your own business or freelance, you’re probably eligible to claim itemized deductions to reduce your taxes. Some people claim the standard deduction without realizing they can save more by keeping track of their itemized deductions and claiming those. Keep a log of the expenses you have for your business and save your receipts in case you get audited.
- Find a new tax preparer: If you had trouble with filing this year’s taxes, you may need to enlist the help of a tax preparer in Jamestown, ND. Start your search early to find the best possible accountant who will help you when you need it most, without the stress of finding an available accountant when they are all busy.
- Store your documents securely: You’ll want to keep track of each year’s tax documents in a secure and dry place, just in case you need to make copies or reference them in the future. Get a lockbox or filing cabinet for your home or office and keep the papers organized by year for easy access.
If you want to get a jump start on tax preparation for next year but don’t know where to begin, enlist the services of a tax preparer in Jamestown, ND from Craig S. Hanson, CPA. With decades of experience, our full-service accounting firm is sure to provide you with the tools and services necessary for financial success. We offer accounting and payroll services, as well as tax consultation and preparation for businesses, corporations, individuals and more!