With tax season right around the corner, now is the time to start thinking about filing your return. Not only will being proactive help you avoid scrambling at the last minute, but it could also save you money in the form of late fees, interest, and other penalties. Here are just a couple of tax preparation tips for getting started.  

Start Gathering Essential Documents

Employers, lenders, and freelancing clients have until January 31 to mail completed W-2s, 1098s, and 1099s, but there are other documents you can gather while waiting for them to arrive. For example, if you plan on itemizing, begin compiling the receipts for all applicable deductions. It is also wise to review last year’s return and make a list of all the forms you’re waiting on. This tax preparation will ensure nothing slips through the cracks. 

Seek Help From a Professional 

Turning to a tax preparation professional will ensure you make the most of every dollar you’ve earned—and spent—over the past year. A CPA will explain whether to itemize or take the standard deduction and then prepare the documents so that they yield the highest return possible. If, alternatively, you need to pay the government, filing early on will give you time to establish a payment plan.

Furthermore, professional help will also reduce your chances of being audited since the forms will be completed thoroughly and accurately. And should the IRS happen to target you anyway, you will have access to a knowledgeable CPA who is already familiar with your situation. 

For tax preparation services in Texas, turn to Selph and Friday, CPA. Based in Texarkana, this firm has been helping clients file their returns for more than 30 years. They also assist with IRS problems, including collection agreements, audits, and liens. And if you own a small business, you can even turn to their team for QuickBooks™ training. To learn more about their reliable services, check out their website. To schedule a meeting, call (903) 792-0281.