As many of you are aware, it’s filing season! Since I deal with many different types of clients and businesses, I thought I would share a few tips on how to make this tax season stress-less for both you and your tax preparer. Caution: this could be boring. So I have jokes included.
- Talk to your tax reparer as if they were your BFF. We want to know important life events. Did you buy a house? Sell a house? Get married? Divorced? Have a child?
- Keep good records. It may be too late for 2013, but try to keep all tax documents you receive in one place. This way, you aren’t piece mailing everything to us and you won’t be frantically tearing apart your house to find out what you donated to the Red Cross in August.
- Many small firms send out tax organizers to help you get everything together… use them! This is the easiest for you and the tax repairer to get up to date on what is going on in your life. The organizers allow you to see what you had last year and mark anything that is no longer applicable. This will save time and questions if we don’t think you forgot anything.
- If you don’t have an organizer available, look at last year’s return! This will help jog your memory on what you need.
- If you can’t get your act together in time or are waiting on forms, you can go on an extension. This form is due April 15th as well.
- However, if you think you are going to owe, that amount is still due April 15th. Even if you go on extension. So, if you think this is you, you should also include a check with your extension to avoid penalties and interest later on when you finally do file.
- Please remember that you are not your accountant’s only client. We would love to immediately call you back and have a one hour turn around for your return, but unfortunately, that is not always possible during fling season. However, if you do need it in a hurry (ex: to fill out the FAFSA) please tell us in advance, not the day before you need it. The most notice we have, the more likely you are to get it when you want it.
- Ask us questions! If you are confused about something or wondering if it is deductible, let us know your wonder! You will not look silly, sometimes you may even stump us.
- Did you owe a significant amount? Get too much refunded? (yes, this is a thing believe it or not) Then now is a good time to talk with your tax accountant about tax planning for 2014!