By Ginger Perry, Accountant, at Swick & Associates, P.C. and CWCC Member
While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.
Now is the time to think about what information you will need for the 2013 tax filing season and the steps you can take in the next few months to minimize your tax burden. To help you get a jumpstart on your end-of-year planning and organization, I’ve compiled the following tips to help you prepare:
- Take a look at last year’s income tax return and determine what documentation you will need to complete this year’s return.
- Review the expenses, retirement contributions, and charitable giving that you have planned before year-end to determine if there are any additional deductions that you may still be able to capture for this tax year.
- As you receive the various Year-End correspondences from us please be sure to review the information and return any requested documents to be completed so as to ensure proper and timely filing of year-end payroll and income tax filings.
- Keep everything related to this year’s tax return in one place – dedicate one file/bin/drawer to only the current year tax documentation so you can put it in one place as you receive documents through-out the year.
- Find out your options for transferring your tax documents to your tax preparer. We provide a portal for all of our clients via our website where clients can upload and download documents and review past year returns.
- Don’t wait until the last minute. Be proactive in compiling your information and discussing your tax situation with your accountant/tax preparer. There may be deductions and credits that you may be able to take advantage of….with a little planning.
Getting a head start on your taxes now will benefit you come tax time. Providing us with your documentation as early as possible will allow us to process your return sooner so you can receive any tax refund you may be eligible for more quickly. In addition, preparing now will also help you avoid the stress of scrambling for information with a looming tax deadline before you. And remember, we are always here to help.
Swick & Associates, P.C.
Leading Our Clients Through the Next Generation of Change