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As millions of Americans can attest, April 15th can sneak up on you before you know it. The sooner you start getting everything in order for last year's tax prep, the sooner you'll be able to check this crucial task of the annual to-do list—and the sooner you'll get your refund, too. Here are a few ways to get a head start on filing your taxes.

How to Get Started on Your Taxes a Little Early

1. Gather the Necessary Documents

The average filer devotes a large amount of time to gathering documents and compiling all the records they need for their tax prep. Taking care of this in advance can reduce last-minute stress. In addition to W2s or 1099s, you'll need to have retirement account records, receipts for charitable contributions, and receipts for any items you may be deducting, such as medical costs or business operating expenses.

2. Compile a List of Deductions

Once you have the bulk of your paperwork in order, consult your receipts and make a list of planned deductions. Some people choose to take the standardized deduction available to them, but others, like independent contractors or small business owners, typically want to deduct individual expenses to reduce their overall tax burden.

tax prepWhen compiling your list, use your prior year's bank statements as a guide, but be sure to have a receipt to back up every expense. Some possible deductions include medical and dental expenses, business use of your home, and student loan interest.

3. Schedule Early With a Tax Prep Professional

If you’ve received all your end-of-year tax forms from employers or clients, which should have started arriving in January, make an appointment with your tax preparer. Don't wait until the last minute; tax preparation shouldn't be rushed, especially if you have a complex tax situation. 

 

When you need tax prep services in Metro Atlanta, GA, contact JJR & Associates LLC. With more than a decade of industry experience, their certified public accountants work with both individual and business clients. They offer tax help, payroll services, and business consulting. To schedule an appointment, call (404) 437-7748 or visit them online.

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