Tax return preparation may be frustrating and tedious to some, but there are plenty of ways to minimize the stress surrounding your filing, including planning ahead of time. Seeking tax services can also help alleviate the burden by providing credible and professional advice. By knowing what you should and shouldn’t do when tax planning, you’ll receive the benefit of accuracy and efficiency, while potentially maximizing your returns.

Do:

Get organized.

Begin tax return preparation early by gathering important and relevant tax documents throughout the year. Collect and organize receipts and any other business-related expenses in a filing folder for safekeeping to ensure you won’t have to scramble in search of them right before tax season. Regardless of your situation, it’s always best to have proofs readily available. By doing so, you’re ensuring your filing is accurate, which may increase your refund or reduce the amount you’ll have to pay.

Seek a professional.

While some people can and prefer to do their taxes without assistance, seeking an accredited tax professional can help you optimize the filing process and save money. For individuals with more complex tax situations, it’s best to hire an agent who has the knowledge and experience to handle various issues that may come up. Speaking to an accountant throughout the year may also help you make sound financial decisions regarding your tax returns.

Don’t:

Procrastinate.

Delaying your tax return preparation may ultimately set you back and could result in a late filing. Last-minute preparations may lead you to overlook smaller financial details, leading to mistakes. If you file an erroneous return, you’ll later need to file extra forms, prolonging the return process. Late filings are also subject to penalties, leading you to owe money.

Forget extra income sources.

If you have a 9-to-5 job while simultaneously operating a side business, a one-size-fits-all approach will not apply to you. Make sure to include and report all income sources you received throughout the year to maximize your profit potential and avoid penalties. Multiple or complex income streams demand accuracy and tax planning. Each individual may have a different situation that can alter their deductions or returns.

If you need a professional to assist you with tax return preparation, bookkeeping, or general consultation that caters to your unique situation, it’s time to reach out to Burch & Associates in Lincoln, NE. Whether you’re an individual or a business owner, there is no situation too complex for their enrolled agents. Their dedicated team is also equipped to manage payroll services, retirement planning, and audit services. Call today at (402) 483-4791 to schedule a free consultation, or visit them online to learn more about their services.