Many people may not worry about tax preparation until April arrives. However, it’s better to prepare returns much earlier to limit stress, mistakes, and late filing penalties. Although filing can be daunting, certified accountants offer in-depth support at every step. Instead of putting off the inevitable, don’t wait to hire an accountant to prepare your taxes. Here are a few reasons why.
5 Ways an Accountant Helps Early Filers
1. Avoid Rushed Mistakes
Doing any task last minute—especially those that involve numbers—raises the risk of mistakes. If you rush through a tax filing, you may make errors leading to overpaying or an audit. Limit the potential for miscalculation by hiring an accountant ahead of the busy tax season.
2. Identify Documentation Needs
In addition to your tax return, there may be additional forms you need to file about your liabilities and income. When accountants evaluate your taxes early, they’ll identify additional documents you may need to file and allow you more time to supply them.
3. Take Advantage of Deductions
When you have limited time to complete your taxes, you may forgo some deductions. With an in-depth knowledge of current tax laws, an accountant will use the extra time to evaluate your qualifications for all possible deductions.
4. Allow for Payment Flexibility
If you end up owing more money than you expected, you may not have the funds to meet the payment deadline. If you pay late, the Internal Revenue Service (IRS) will assess a late payment penalty. If your accountant prepares your taxes months ahead of the filing deadline, you’ll have more opportunity to sort out your revenues and expenses to ensure you pay on time.
5. Head Start on Next Year
Although you may be focused on the April filing deadline, the next tax year starts in January. After an accountant prepares your current return, they’ll have a thorough understanding of your finances and future tax liabilities. The earlier you recruit accounting services, the earlier you can take steps to reduce next year’s taxes.
When you need tax preparation help, contact The Callen Accounting Group, PLLC in Mountain Home, AR. They offer comprehensive assistance to get your finances organized. Serving individual and commercial clients in the Twin Lakes area, these certified accountants will walk you through every step of the filing process to ensure you’re compliant with current laws and aren’t paying more than required. Tax consultants are also on staff to help you optimize your finances in the years to come. Visit this firm online to learn more about their services, or call (870) 425-6066 to schedule a consultation.