Preparing and filing a tax return is a task few people look forward to. Although it might be tempting to procrastinate, planning your taxes early lets you develop a money-saving strategy to follow throughout the year. Clark W. Terrell CPA in Crossett, AR, provides expert accounting and bookkeeping services throughout the area and understands the advantages of an effective tax plan.

This trusted accountant offers these reasons to prepare your taxes early:

• Avoid Penalties: Early tax planning ensures you will be prepared to file your return before the deadline. If you file taxes after they’re due, you will be responsible for paying penalties and interest on money you owe. To avoid paying more than required, speak with an accountant about tax planning well before filing time.

• Benefit From Deductions & Credits: Planning your taxes early helps you determine the credits, exemptions, and deductions for which you are eligible so you have time to take advantage of them. For example, contributing to qualified plans such as your 401(k) by the end of the year reduces your tax liability, as does donating to a church or charity. Waiting until the last minute to plan your tax strategy can lead to overlooked deductions and other missed opportunities, especially if you are filing your own return.

• Receive Your Tax Return Faster: If the Internal Revenue Services owes you a tax refund, you will have less time to invest or spend the money if you wait until the deadline to file. One of the best reasons to plan and file your taxes early is to receive your money faster than those who file late returns.

The accountant at Clark W. Terrell CPA has years of experience offering tax services to clients in Ashley County, AR. To discuss a plan for your personal taxes, call (870) 364-5006 or contact the firm on their website, where you’ll find more information about their services, including business tax preparation.