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When the annual tax deadline approaches, many people enter a brief period of panic. However, by taking steps to prepare for tax season throughout the year, you can reduce the anxiety and the workload. Following these steps every day will help simplify your next tax prep experience.

How Can I Make Tax Prep Easier?

1. Keep Track While on the Go

Whether you’re commuting to work on the bus or purchasing business supplies on the weekend, it’s important to have a simple, easy-to-remember method of documenting your write-offs and expenses. If you have a smartphone or tablet, consider downloading an app such as QuickBooks. By labeling purchases and snapping pictures of receipts throughout the year, you can significantly cut down on tax prep time.

2. Make Monthly Hard Copies

tax prepTechnology may be convenient, but it’s not always reliable. Therefore, it pays to keep hard copies of your tax information. Once a month, sit down to print out and go over your business expenses, from personal notes to credit card and bank statements. Once you’ve made sense of the month’s costs, put the documents in a folder. To make tax prep even easier, organize your expenses by category in color-coded folders.

3. Hold Onto Big-Ticket Receipts 

While you probably only think about the past year when doing your taxes, you may need to update the value or status of big-ticket items that were claimed as assets previously. Keep receipts and other documentation on valuable items you purchased in the last three years, including everything from a printer to an HVAC system or even windows.

 

If you’re overwhelmed by the tax prep process and want some professional guidance, turn to JJR & Associates LLC of Fayetteville, GA, for help. They help clients throughout the Greater Atlanta area prepare for this busy time of year. You can trust these certified accountants to review your information with the utmost care. Visit their website or call (404) 437-7748 to schedule a free consultation.

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