tax preparation

4 Strategies for Making Next Year’s Tax Season a Snap

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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!