Now that the dust has settled on tax season, accountants and their clients are both breathing sighs of relief. While it might seem like dealing with next year’s returns is a task for another day far away, now is the perfect time to begin tax planning to ensure a less stressful time of it in the future. The guide below explains some proactive steps you can take.

How to Simplify Next Year’s Taxes

1. Track Expenses

Deductions allow you to lower your tax burden. To claim them, you’ll also need to track expenses and provide evidence of the money spent. Therefore, keep relevant bank statements and receipts all in one place, such as a binder. You should also keep previous years’ information for reference.

2. Get Started Early

Don’t feel like you need to wait until the new year to speak with an accountant. Instead, schedule an appointment in October or November so you can beat the tax season rush. Getting an early start means that you can address any errors and inconsistencies and remedy them before the return is filed. You’ll also receive your refund that much sooner. 

3. Ask Tax Planning Questions

Have lingering questions from your last filing? Bring these up with an accountant. Additionally, if you are planning any major life changes for this year—including getting married, buying a house, or switching jobs—inquire how these can affect your taxes, so you can take proactive steps to increase your return or decrease your burden as needed.

Located in Lincoln, NE, PMC Tax Services LLC is dedicated to providing local clients with quality tax advice. They provide more than three decades of experience, whether you need help with personal tax preparation or are filing on behalf of a business. They also offer affordable tax planning, payroll services, and help with general ledgers. Schedule a consultation today by calling (402) 467-5529. If you’d like to learn more about their offerings, feel free to visit the website.