How To Make Tax Time A Hassle-Free Time Of Year

Let’s face it, tax time can be a stressful time of year for many Americans. Many of us actually dread knowing that April 15th is just around the corner, and we are not at all prepared. This doesn’t have to be the case though! Whether you are dealing with individual taxes, or corporate taxes, there are preparations you can make to ensure that tax season passes by smoothly. Keep reading to find out how you can make the process of doing your taxes easier than ever.

Hiring A Certified Public Accountant

Hiring a Certified Public Accountant (CPA) is a great way to help navigate the thorny world of income tax reporting, especially if you have a complex tax situation. In fact, many business owners will choose to hire a CPA for the business tax services that they can provide.

A CPA can help your company plan and prepare for tax season (so you are not panicking at the last minute!), allocate state and local taxes, defend your business against IRS audits and research any tax credits and incentives your business may able to take advantage of. CPAs can assist individuals as well by helping them prepare their federal, state and local taxes. Additionally, if it feels like you are handing most of your money over to Uncle Sam, a skilled and knowledgeable CPA may be able to help you maximize your tax credits while minimizing what you owe, which helps you keep more of the money you worked so hard to earn.

Keep Track Of All Tax Related Documents

The better you are at filing papers and PDFs related to your income, assets and taxes, the easier it will be for you come tax time. Not only will a good filing system allow you to easily find the information you need when filling your tax forms, keeping your paperwork in order is crucial if you are ever audited. The last thing you want to do, if the IRS audits you and asks you to verify income and assets, is scrounge around for documents!

Prepare Your Taxes As Soon As You Can

Remember when your school teachers used to say: “Don’t wait until the last minute to do your assignments?” Well, the same applies to your taxes! Tax prep is one of the biggest and most important assignments you will have during the year, and it is certainly not one you want to put off. Employers typically have until Jan. 31 to mail the prior year’s W-2s to employees, which gives the savvy taxpayer time to plan ahead. Take advantage of this head start!

Beware Of Scams

Given the number of refunds that are now submitted and deposited electronically, it is no surprise that scammers are looking to make thousands of dollars bilking honest taxpayers out of their refunds. Therefore, a word of warning: Do not give your Social Security Number, or other tax information, to anybody who attempts to solicit it from you. Tax return fraud has become a popular scam in recent years, but by being vigilant and using common sense, you can avoid falling victim to the scam.