How To Start Preparing For Tax Season Right Now

Stressed Over Taxes DueWe all know how hectic the holiday season can be. Every year we know the holiday season is coming, and we usually have plenty of notice and time to prepare ourselves for how we spend the holiday season. You may even have a routine that works for you to help your holidays run smoother. But have you ever considered preparing yourself for the upcoming tax season? With this year’s holiday season quickly closing in, prepare yourself for the ensuing annual onslaught of tax preparation forms that will be delivered to your door. Yes, that’s right, before you know it, and probably before you are even ready for it, tax season will be upon us once again. Here are tips that can help you proactively prepare for the next tax season to hopefully make it a bit easier for you.

Create A File Folder For Your Documents

After the new year, just as you feel life reaching normalcy and routine again, the tax forms will begin steadily flowing in. Start now and create a folder that is dedicated solely for the 2015 tax season. As you receive your tax-related documents in the mail, simply immediately file them in your tax folder before they become lost in the piles of your desk. There is nothing like the fear of scrambling at the last minute to locate important tax papers. And imagine the hassle of having to request copies of documents you can’t locate, and then having to wait for them to arrive to you before the April 15th deadline. If you follow this very simple rule, at filing time you will be fully confident that any and all documents that you will need to complete your returns are in the folder. When filing time arrives, simply hand over your folder to your professional tax preparer, yes, it is that easy!

Track Medical Expenses For The Year

Now is the time to go back through your year and organize paperwork related to any medical and dental expenses you or your dependents have incurred during the tax year. These expenses could possibly be included as itemized deductions, and they may affect your refund or the amount you owe the IRS. Once you collect the medical expense related paperwork, attach them with a paperclip and store them in your tax folder.

Itemized Deductions Add Up

Another time-saving tip is to save your receipts that represent expenditures throughout the year. Your professional tax preparer will be able to determine if and how much can be written off as itemized deductions. Again, it is best to take the time earlier to accomplish this type of task rather than scramble at the last minute.

Consult Early With Your Professional Tax Preparer

Your professional tax preparer is aware of any tax-related changes that might affect your return. It will benefit you to check with your tax preparer now to see what other ways you can prepare for tax season. Call E&Y Tax Preparation Services at 248-362-1313 to set up an appointment to discuss your tax situation with one of our professional tax preparers.

 

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