Now that 2018 is complete, businesses and individuals alike are looking towards tax filing season.
Most people tend to put off preparing for their tax filings however this only adds stress and anxiety in the process. Giving yourself a head start in being organized will help you more than you could imagine.
Whether you are dreading the liability or excited about a refund, here is a list of items you can do now to alleviate some of your stress three months from now:
1. Start gathering receipts for support and start organizing them. These can be donations for individual returns, mileage records for businesses, etc. Oftentimes your CPA can give you a tax organizer that can guide you as you try to gather information.
2. Ensure that your financials and operational records are up to date and complete or ready to be completed by your CPA. If you wait until the very last second, a small problem can make a difference whether you are filing your return on time or need an extension. Having your records organized early allows your CPA time to solve issues.
3. Be proactive and reach out to your CPA for ideas of how you can start preparing. Each financial situation is unique. Knowing what you need ahead of time will save you time and money.
4. Don’t wait until you have absolutely everything to send support to your CPA. There may be many parts of your tax return that can be worked on or even completed without everything.
If you are looking for a CPA or have any questions about accounting services, please contact Catherine Cowart Roe, the Coffee Shop CPA, at Carrollton Accounting LLC. I would love to assist you!