So often, taxpayers wait until right before their tax deadline to start planning out how they will file. The best tip for staying on top of your taxes and filing on time and accurately is to start preparing now. No matter what time of the year it is, it is always a good time to get organized and start making projected estimates for how your tax year will go. Minimize your stress and stop the procrastinating before it starts! Working with the financial teams at King’s Financial Services is an excellent way for businesses and individuals to get on top of their taxes and stay on top of them! Below is a list of ways you can begin preparing yourself for the upcoming tax season now, so you are ready come April!
Get Your Books Current: When it comes to keeping your company’s records up to date, nothing can be more valuable. Have you spent the entire year neglecting your bookkeeping and are now struggling to catch up? Instead of waiting until your taxes are due, start surveying your information now and get on top of your bookkeeping responsibilities. Get copies of your yearly income statements and balance sheets. Your income statement is a necessity when it comes to preparing taxes for your business. Depending on the type of business you run, you may also need to go ahead and make a list of assets and liabilities on your tax sheet, which is where your balance sheet comes into play. If you still feel overwhelmed by all of the tedious paperwork, King’s Financial Services can help. We get businesses on track and help them to be successful in the future by implementing new and simple processes to stay on top of their bookkeeping.
Keep An Updated List Of All Accounts: This is an important part of properly and easily filing taxes, for business owners as well as individuals. You should keep a master list of all of your financial accounts, including when they were opened, the amount of money that has gone through them, and when they close if applicable. This list should include your bank accounts, all credit cards (including retail credit cards), investments, retirement accounts, and any other account your name is on that involves money. Additionally, if you have any accounts that have been left open but are not in use, go ahead and take the steps required to close these.
Do not get overwhelmed by waiting last minute to file your taxes. If you have back taxes that need to be addressed, contact King’s Financial Services today. Our team of dedicated financial professionals are here to help get you back on track so you can focus on the things that really matter, like growing your company.
Tax Professionals in Texas
Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.