The arrival of tax season can be stressful. This is especially true if you have put off thinking about taxes since you filed last year’s return. As a trusted tax accountant in Fort Collins, we frequently remind our clients that the best way to reduce your stress and ensure that no important details are overlooked in a last minute scramble to gather information is to plan ahead.
Great Ways to Stay on Top of Your Taxes
Here are four proven tips for saving yourself a great deal of time and effort next year by putting in the work this year:
- Stay organized. It’s easy to let paid invoices, receipts and other paperwork pile up with the idea that you’ll “deal with that later.” But, taking a few minutes to do filing and organizing today can save you headaches down the road.
- Track expenses daily. Not only does recording expenses as they occur keep your records current, it can help you spot cash flow issues that are best addressed promptly.
- Plan your deductions for the year. People often make a number of charitable contributions or tax-deductible purchases just ahead of tax season in an effort to maximize their deductions. A more effective approach is to take a “big picture” look at your finances at regular intervals and make donations or purchases as appropriate.
- Meet with your tax accountant periodically. By connecting with your tax accountant a few times during the year, you will have a better sense of what your tax situation will look like when it comes time to file. That way you can make “course corrections” along the way if needed.
As a leading tax accountant in Fort Collins, Shaw & Associates can provide helpful tax planning guidance all year long. Contact us today!