Are you putting off your preparation for the 2018 tax season? While tax return preparation may seem daunting, taking certain steps before visiting a qualified accountant is essential. Looking over your budget ensures you make positive financial goals for the year ahead. Joe Heard, CPA, the top accountant in Checotah, OK, outlines some steps to take now.

How to Prepare for the Upcoming Tax Season

1. Identify Changes

Look at the previous year and identify any major life events. Did you get married, have a child, or retire? These changes will affect your tax return preparation. 

2. Prepare Your Records

Collect all your pertinent documents ahead of time, and have them ready for the future appointment. All W-2s, 1099s, distribution documents, and records of income should be prepared beforehand. Also, have a list of deductions and proof of payment ready. 

3. Maximize Contributions

Have you taken the time to maximize any retirement contributions before the tax season ends? This can easily reduce your taxable income and the amount of taxes you end up paying. Plus, you will be funding your retirement.

4. Review the Previous Year

What were your financial goals in the previous year? Reflect on what you want to achieve this year. Your tax return preparation appointment is a good opportunity to discuss how you can reach those goals. 

5. Identify Deductions

Are you a freelance professional? If so, identifying deductions will significantly reduce your taxable income and the amount of taxes you pay. Your accountant will give you a list of deductions allowed by the IRS.

6. Hire a Qualified Accountant

By hiring a qualified accountant, you are assured that your tax return preparation goes smoothly. Accountants are trained to stay up-to-date on current tax law. They will help you get the best return possible. 

If you’re worried about your tax return preparation, or you wish to speak to a qualified accountant, Joe Heard, CPA is on hand to assist you. He has provided accounting and payroll services to his clients for over 15 years and will help you get the best return. Call him today at (918) 473-1492 or visit his website for more information.