How to Get a Jump Start on Tax Planning
For most Americans, filing income taxes is a chore. However, you can simplify the process come tax season by organizing the necessary documents as you receive them throughout the year. Here are some suggestions to streamline tax planning.
3 Tax Planning Tips for Staying Organized All Year Long
1. File Your Receipts From the Start
Start a new file every January, and put all relevant receipts and invoices in it as the year goes on. Every time you make a deductible purchase, slipping a record of it in the folder will take mere minutes. Digging through all your paperwork and bank statements at the end of the year, on the other hand, could take hours—or even days.
2. Track Important Deadlines
If you owe estimated quarterly payments, make a note of their due dates on the calendar: April 15, June 15, September 15, and January 15. It is also helpful to know that, for people who can itemize, you can pay your state estimated 4th quarter during December to count in the current year tax return instead of January 15. You should also mark January 31st, which is when you should receive all W-2, 1098, and 1099 forms for the prior year. And, of course, April 15 is when all returns are due.
3. Review Recent Changes in Tax Law
Tax law has undergone some major changes in recent years, which could affect your filing situation for 2018 considerably. To avoid surprises, review updates from the IRS at the start of every year to ensure your current tax planning strategy is still applicable.
If taxes are still overwhelming you, turn to PMC Tax Services. Based in Lincoln, NE, this accounting firm is proud to serve clients throughout the entire country. With a commitment to providing the personalized advice that larger firms can't, they protect their customers' financial well-being like their own. True to their small-town nature, they have received much of their business through word-of-mouth since 1989. See what everyone is talking about by requesting an appointment online or by calling (402) 467-5529 to discuss your individual tax planning needs.
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