If you’ve already set up your tax preparation appointment with your accountant, you’ll want to come armed with all of the usual items. However, there are other tax tips your accountant would want you to know before your appointment. Erie & Associates, P.C., specializes in providing tax planning and other accounting services to their Texarkana, Texas, clientele. Below they’ve shared their top three tips for the coming tax season.
Top 3 Tax Tips Your Accountant Wants You to Know
1. File Your Taxes Early
You can receive numerous benefits by filing your taxes well before the deadline. If you’re due to receive a tax return, filing early means you will receive your return earlier. File electronically using direct deposit. Additionally, if you owe any additional taxes, you will be prepared for that expense before the tax deadline.
2. Provide Receipts for Deductions
If you claim deductions, have a clear record of those expenses. Do this by creating a spreadsheet with expenses you want to claim. You can speak with your accountant about allowable deductions. Back up your spreadsheet with either bank statements listing the expenses or a scanned copy of the physical receipts. This step is essential for those with small business expenses.
3. Project Your Taxes for the Following Year With Your Accountant
Your tax return preparation meeting provides the opportunity for you to get an understanding of the following year’s expenses. If you scale a small business for growth in the year to come, your accountant can help you assess your tax liability ahead of time. This is also the perfect time for discussing the legal setup of any small businesses; they can assist you with setting up S-Corps or LLCs.
If you’re preparing to file your annual taxes, it can help to meet with a professional accountant. Erie & Associates, P.C. specializes in working one-on-one with their clients to obtain the most efficient returns possible. Call them today at (903) 792-6651 or visit the website for more information.