There are about 9 weeks left in 2017. One of the biggest gifts you can give yourself this season is an early start on your 2018 tax prep! Seriously. How great will it feel when tax documents start arriving in the mail and you already have most of your documentation ready to go? This is a huge time saver and stress reliever. It’s also a way to submit your 2017 file quickly and possibly receive your refund (if you anticipate one) sooner!
We realize the next couple of months are busy with holiday activities, but this time of year can be slower around the office and some extracurricular activities ease as the holidays approach. What if you were to take these next 9 weeks and divide them into three sections? That would give you about 21 days for each to make some great headway on your taxes. If you think this plan might work for you, here’s one way to break it down:
Weeks 1-3: Focus on Health Care and Education Expenses
If you write off some or all of your medical expenses, start pulling those receipts together now. Gather what you have at home and reach out to doctors you won’t see again in 2017 for an annual statement. After the first of the year, you can then call any other doctors, pharmacies, etc. to request a complete 2017 report. This is one of the quickest and easiest ways to get your hands on medical expenses for your family!
For education expenses, it’s much the same. You likely have some documentation on hand at home. And, there will be some areas you want to wait until the year is up to complete a report. But even then, you may have enough information to make a good dent in this. If you deduct education expenses for early childhood education, you can probably send an email now to make schools or care providers aware of your documentation needs. If the timing works, they may be able to send invoices to you before holiday break – another opportunity for you to keep things moving!
Weeks 4-6: Charitable Donations and Mileage
Have you made charitable contributions in 2017? Do you volunteer regularly for a 501(3) non-profit organization? If you can document your donations or time, you may be able to claim charitable deductions or mileage related to your volunteer time.
If you tend to do your giving at the end of the year, be sure to document your contributions as you go, so you have everything you will need. We recommend our clients retain receipts and submit along with the name/address of the benefiting organization, the date of the gift and the value to provide complete documentation.
Weeks 7-9: Business Expenses and Special Deductions
Are you a business owner? Have you been keeping track of your expenses throughout the year? From marketing, to supplies to mileage, it can be a lot to manage on top of your daily work. If you have fallen behind, we can help you get things in order fast. If your work slows down in Q4, this is a great time to tackle Q1-Q3. Gathering documentation will take some extra time if you weren’t diligent throughout the year. But, spreading this one task out over three weeks is much easier than trying to search for everything you need when work demands pick up in 2018.
And if your business is still very active this time of year, let us step in and get you started. A quick meeting is all it takes for us to determine what your needs are and to help you through the document gathering that will be required. Call us anytime at (913) 888-9100.
It’s also our job to help you determine any special deduction that may apply to your circumstances. We have a quick sheet we walk through with our clients to try to find extra money for your file. There are lots of tax laws and regulations – too many for most to keep track of – but that’s our business and part of how we add value for you! Let’s talk soon.
