On your list of fun activities, it’s likely filing income tax returns didn’t make the cut. With a bit of time and planning, getting ready for tax preparation season doesn’t have to be a dark and dreary task. Because ZP Tax in Silver Spring, MD understands why some people may put off this important responsibility, the team of professional agents helps remove the stress and anxiety.
When is a good time to start your individual tax preparation planning? The short answer is the sooner, the better. Ideally, those who’ve been keeping track of receipts, charitable donations, and calculating estimated taxes due have already started. For the rest of us, getting ready typically starts after receiving any W-2 forms from your employer — say, by late January.
Even before those wage statements arrive, there are few things you can do now. For instance, know what your filing status will be, especially if you got divorced or married this year. Having a first child or additional children can also impact your filing status and may even qualify you for more tax credits.
Towards the end of the year, and before the arrival of the W-2 forms, is also a good time to prepare by making any last-minute contributions to an individual retirement account or Roth IRA. Technically, you can open or contribute to either up to April 15 for the previous tax year, but be proactive by doing it by year’s end.
While there are no hard and fast rules on when to start your tax preparation duties, the best advice is to start now. You avoid having to scramble finding much-needed receipts and other important documents — and you drastically reduce the risk of pulling your hair out and reaching for the medicine for that throbbing headache.
Residents and business owners continue to turn to the tax education team at ZP Tax. You’re guaranteed to get personalized attention, guidance for your unique filing situation and tax preparation services designed to keep you in the good graces of the IRS and other tax authorities. Get started today by calling them at (301) 587-4829 for professional tax preparation services. Visit the website for extensive information on other tax help services.