Taxes seem to fall high on the list when it comes to things that stress us out. A good way to minimize the stresses that are associated with tax season is not procrastinating. Below is a list of ways you can start preparing yourself for tax season now:
Make A List Of Your Accounts
Whether you are filing personal or business taxes, start your tax prep this year by making a master list of all of your financial account. If you do run a business, make the list for both your personal expenses and your business. 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. This is also a good time to close any account that are inactive that are in your name.
Get Your Bookkeeping Up To Date
Have you neglected your bookkeeping responsibilities since last tax season? Well instead of waiting until last minute, get a jumpstart on catching up now! 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.
Make Sure You Have All Tax Forms
Are you unsure what all documents you will need in order to file your taxes? Are you unsure which documents you should be holding onto and which documents you can do away with? Well, good news! We have another blog on our site with all of that information listed here.
Organize Your Information
A good idea for taxes is to keep all of your financial information in one place. If you are interested in going above and beyond, keep a digital and physical folder for all of your tax information. This will help keep you on top of what you need and will make the process of filing your taxes go much more smoothly.
Sandra King Enrolled Agent
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.