How can I plan throughout the year for filing my taxes?
- August 22, 2018
- David Greene
- Comments Off on How can I plan throughout the year for filing my taxes?
Though April 15, 2019 seems far away, there are things you can be doing today to help ensure your tax return is prepared quickly and correctly. Here are three things taxpayers should know about the tax returns they will file next year. First it’s important to gather documents for all sources of income. Whether you just have a W-2 or several income producing assets, you should know well before it is time to file where your money is coming from. Next, keep track of all your expenses throughout the year. Whether they are business expenses or itemized deductions, you should categorize receipts throughout the year to be sure every expenditure that can be used is used. This means every time you go to the doctor or get pay rent for your office it should be filed away so that when April comes around you aren’t scrambling to find them. Finally, you should make sure to note any major life changes that happened throughout the year. Sometimes changes such as getting married or selling your primary residence will have tax consequences even if you do not realize it at that time. If there is something in particular you may be wondering you should keep record of, then contact your tax preparer and let them know. When it comes to tax preparation, you can never have too much information.