Every year as April approaches, people across the country frantically go over their finances as they rush to file their taxes. If this sounds like you, there are several steps you can take to make tax prep season easier and more streamlined. Start early in the year with these five ideas.

How to Streamline Your Tax Return Preparation

1. Check on Your Finances Regularly

Instead of leaving it to the start of next year to tally up your expenses and document your deductions, do it a little at a time throughout the year. Set a time once a month to go over your accounts, noting income, expenses, and changes, and file this info away for tax prep season.

2. Keep Your Receipts

Yes, it can get annoying to have all those papers floating around, but they provide valuable information that can get you more deductions than you would without them. Set aside a specific space where you can organize them, or scan them into your computer or smartphone with a receipt tracking app.

3. Coordinate with Your Spouse

If you're married, tax prep and financial planning should be a team effort. Coordinate with your partner on all of these steps to make sure they're applied consistently. Determine whose job it is to track receipts or keep an eye on your financial records, and divide up the work in the way that works best for your situation.

4. Use One Card

If you charge your expenses to just one credit card, this will make it much easier to track those expenditures. While you may want to keep other cards for emergencies, one card is usually all you'll need for regular use.

5. Ask for an Extension

If it's getting close to tax time and you're panicking, remember that you can file with the IRS for an extension on the deadline. Do this in advance as soon as you know tax prep is going to be a problem, so you can address any issues that arise with the request.

For help making tax prep easy and fast, choose Michael C Davis CPA CGMA in Stow, OH. Serving Summit County for almost 40 years, Davis and his team also offer payroll and accounting services for small businesses to help your company run smoothly. To schedule a consultation, call (330) 376-1099 or send a request online.