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4 Accounting Tips to Prepare for Tax Season in NYC February 4, 2016

Midtown East, Manhattan
4 Accounting Tips to Prepare for Tax Season in NYC, Manhattan, New York

Ah, it’s tax season: that time of year when you receive a bunch of letters in the mail and have to weed through tax laws and last year’s accounts to figure out what the IRS owes you or what you owe the IRS. For individuals, and especially for businesses, this gets complicated. Luckily, B & B Money Management, New York City’s premier accounting firm, can assist you with your tax filings.

Aside from seeking professional accounting help, what can you do to prepare for tax season?

Accounting

  • Review Your Receipts:  You may have business and charitable expenses that you didn’t even realize are tax-deductible. If you’ve saved every receipt from your business, you can list these as business expenses. Mortgage and student loan interest and donations to a thrift store could also earn you tax deductions.
  • List All Of Your Income Sources: Whether your income comes from 1099’s, royalties, jobs, investments, services, or product sales, it’s hard to keep track of all of your sources. Rather than wait for you to receive this information in the mail, calculate everything in advance. This way, you know you’re covering everything.
  • Think About Major Life Or Business Changes: If you had a new child or got married, this will affect your taxes and which forms you file.
  • Set Up An IRA: If you have set a goal to contribute money to a retirement account, now is the time. None of the money you contribute to your account will be taxed, even if you contribute well in advance of retirement.

Tax Filing

Getting organized and preparing for tax season early will save you stress and may even earn you an extra refund. B & B Money Management’s skilled accountants know all of the nuances of tax filing and will help you navigate the system. They help businesses and individuals file their taxes accurately and maximize their return.

Prepare early with a top accounting firm to make the most of tax season. Call New York City’s B & B Money Management at (646) 847-9587 to get started. To learn more about their professional accounting and tax filing services, you can also visit their website and Facebook page.

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