As hard as it is to believe, tax day is a little over two months away. That may seem like plenty of time to pull documents together and get organized so you can file your tax return on time. But as any busy person knows, time has a way of flying by faster than anticipated. And when you’re trying to run a business, mission-critical tasks have a way of getting lost in the daily details.
Tips to Keep You on Track
Adams Accounting Solutions wants to help you stay on track this year, so when tax day rolls around, you’re ready. Whether you’re filing an individual tax return or filing as some form of small business, we’re here to help. We can answer questions and advise you on the information you’ll need to prepare your taxes and have them ready to file on April 15.
Getting Ready For the Big Day
Here are a few things you can do ahead of time to get ready for the big day. The sooner you get started, the less stress you’ll experience. And that helps keep your business — and your life — running more smoothly.
Gather Your Paperwork
A good filing system is the key to making this task easier. If you have a good filing system in place, you probably know where most of your tax documents are. If not, this is the time to start looking for them. You might want to set that filing system up for next year while you’re at it!
Here are a few examples of the types of documents most people need to file their tax returns.
- Tax forms. Gather all work-related tax forms, including W-2s, 1099s, and anything showing interest or income earned. If you’re a contractor, make sure you have a 1099 for all clients that paid you $600 or more.
- Previous income tax return. You’ll also need to have your previous year’s tax return handy. Information from your last return will be required for this year’s return.
- Mortgage-related documents. Mortgage interest and property taxes paid are deductible in most cases. You’ll need to have proof of interest paid on all mortgages, whether residential or commercial. You’ll also need proof that you’ve paid your property taxes in order to claim the deduction.
Max Out Tax-Advantaged Accounts
The tax year ended on December 31, but there’s still time to make deposits into tax-advantaged accounts, such as an IRA or a health savings account (HSA). Check with a certified accountant for more information or to determine the amount you’re eligible to contribute to these types of accounts.
Make an Appointment with a Professional
One of the best ways to prepare for tax day is to visit with a tax professional. While many individual taxpayers choose the do-it-yourself method of tax preparation, this method often leads to missed deductions or incorrect tax returns. Either of these errors can lead to you paying more than you need to.
Adams Accounting Solutions Is On Your Side
The pros at Adams Accounting Solutions are experts in individual and small business tax preparation. Not only can we help you get prepared for tax day, but we can also advise you on how to make the most of the deductions you qualify for.
If you need help preparing your taxes this year, give us a call at 913-888-9100. We’ll answer all your questions and work with you to make sure that when tax day arrives, you’re armed and ready. Give us a call today!
