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Tax Season Tips: How to Prepare Your Accounts for Smooth Filing - Las Vegas Edition

2024.5.2

by:  Aleksandra Svetina

Tax season is something all business owners slightly fear. To ease the troubles with filing taxes try to follow these steps.

Start Early

You should never delay preparing your taxes. Earlier you begin the more time you have to prepare everything properly. Give yourself enough time to gather all the necessary documents and information. Waiting with preparation till the deadline will lead to errors and missed opportunities for deductions.

Organize Your Documents

Make sure you have all the documents ready. The type of documents you need to prepare depend on several things like employment status, investments and whether you own a business. Some of the documents include W-2, 1099 and receipts for business expenses. Best way is to keep these documents in dedicated space, either in digital or hard copy form. Make a check off list to confirm you have the required document in a place as you collect it.

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Getting Ready

Deductions

Make sure you understand what deductions apply to you or your business. Deductions can reduce your taxable income therefore do not neglect them. They are not only important for businesses but also when you fill your personal taxes. Some common deductions are home office expenses, charitable donations and education costs. Significant medical expenses and energy-efficient improvements of your home could also be a tax deduction for you. If in doubt do not hesitate to contact the professional.

Tax Software

Tax software will simplify your filing process. Software guides you through each step and reduces mistakes. For basic returns the free version might be enough, for more demanding ones you might consider a paying version. In any case software will comply with the latest tax laws, help you find possible deductions and make filing of your taxes a bit easier.

Review Changes in Tax Laws

There is a great chance tax laws will change every year. Make sure you are aware of any changes like new deductions, regulations and credits. To keep on track you can rely on the IRS website where all the changes are being listed. Keeping on track prevents you from overlooking new saving opportunities or making costly mistakes.

Professional Help

Financial situations involving several income sources, investments or real estate, might be too complex for individuals to handle. Seeking professional help might benefit you in such cases. CPAs and tax advisors will offer advice most suitable for your situation or can file the taxes for you. They do not come cheap but in the long run they could save you a lot of money. If you still prefer filing your own taxes, a consultation with an expert can bring you some piece of mind.

Double-Check Your Return

Make sure all the math and your social security number are correct. Do not forget to sign the return. Errors can delay your refund or even result in penalties. So make sure you take time and recheck your tax return and catch the potential mistakes.

Plan for Next Year

Consider adjusting your withholdings if you owed a lot of money or you received a large refund. Another option is to estimate your taxes quarterly to get a better overview of your finances. Throughout the year keep good records making your next filing season much smoother.

Stay Informed and Adapt

Subscribe to tax-related newsletters, attend workshops, and use online resources to keep up-to-date. If you stay engaged you can make informed decisions and adapt tax strategies as your finances evolve over the year. Following these steps will make you prepared and ready for next tax season.

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