Effective tax preparation is important If you own a business, plan to itemize your deductions, or want to maximize your refund. Preparing for taxes early ensures you won’t miss out on any tax benefits and reduces the amount of time spent on them. The team at The Callen Accounting Group, PLLC, an accounting firm which offers payroll services in Mountain Home, AR, discusses some important information about tax preparation for individuals and small businesses.

A Guide to Tax Preparation for Individuals & Small Businesses

What Should I Know About Starting to Prepare for Tax Season?

For individuals and small businesses alike, it’s helpful to prepare for your taxes throughout the year. Thinking about next year’s tax return early gives you time to organize your paperwork and devise a plan to maximize your return. A proactive approach can help you receive the most money back and make the filing process go much more smoothly. 

Why is it Important to Prepare for Taxes Early & How Do I Get Ready?

When you work with an accountant to get ready for taxes well before they are due, it helps you to stay organized and avoid scrambling for needed information. Throughout the year, keep records of any charitable donations you make and keep receipts for deductible items. If you might consider itemizing your deductions, you should keep records of your medical expenses and mortgage interest deductions. Business owners should keep receipts and other documentation for eligible expenses including company-related travel and business supplies. 

The experienced team at The Callen Accounting Group, PLLC helps you plan for the year ahead so you can limit your tax liability as much as possible. Give them a call at (870) 425-6066 to speak to an accountant. You can also visit them online to learn more about their tax preparation services.