How to be Tax-Ready Year-Round

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Tax season has arrived, and for many people, it could be a very stressful time. Each year, many individuals scramble to organize their documents, receipts and other tax forms. If you want to relieve some of the stress that tax season may cause and are interested in being tax-ready year-round, here are a few helpful tips to help you get started.

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How to be Tax-Ready Year-Round Tax season has arrived. Each year many scramble to organize their documents receipts and other tax forms. But there has to be an easier way right If youre interested in being tax- ready year-round here are a few helpful tips: Implement an Organization System It sounds tedious but organization is key to being tax-ready. If you anticipate having a lot of deductions youll want to save your receipts in an easy to access and simplified manner. The best way to do this is to update your records as you have expenses. For example if you are deducting mileage for work you should write down the milage and keep the gasoline or parking receipts with the record. A good way to do this is by scanning the receipts and creating a folder on your computer. You should also save the hard copies in a traditional file

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folder. Staying organized by date can help your accountant too. If your accountant has a question on a specific entry you can simply find the file by date and share it with your accountant. Keep Your Accountant on Speed Dial Instead of waiting for tax season to ask your tax professional a question call your accountant up as issues arise. Maybe you dont need to keep track of certain expenses - wouldnt you rather know now instead of investing time and space into keeping documents you dont need Your tax professional will thank you too. Mark Your Calendar Each year there are specific tax dates and deadlines you can anticipate. For example companies must send their W-2 forms to employees by January 31st each year. If you employ people its important that you have all your records and information ready to send out by this date. Likewise if youre filing taxes you need to do so by April 1st. Cant make the deadline You can file for an extension in advance. Keeping these dates in mind will help avoid costly tax penalties and will save you stress. This way you wont have to worry about it until its time. Being tax ready year round is a great goal for individuals and business owners alike. Tax season doesnt need to be stressful. With proper preparation and attention to detail doing your taxes is a breeze. Also good organization and record keeping can help maximize your tax return and/or deductions. Who doesnt want a little extra cash in their pockets William Doonan is a tax law and legal expert.