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Prepare yourself for tax time!

posted Apr 10, 2014, 12:13 PM by penguin Heilman   [ updated Apr 10, 2014, 12:16 PM ]

Tax time always seems to be just around the corner.

We here at Jo’s Tax Service have selected a few tips that may help you get a head start on this coming tax season and ease your stress when it finally comes. Yes, it’s early… But it’s never too early to be prepared.

  1. Keep your receipts! If you did improvements to a rental property, bought equipment for your business, even if you adopted a child… Keep your receipts. If you’re not sure what receipts YOU in particular should be keeping, call your local tax office to find out.
  2. Keep all your paperwork together. As your W-2s or 1099s come in, put them all in one folder.
  3. If you own your own business, keep some kind of profit and loss handy. Even if it’s just a simple piece of paper where you write down your expenses and income. It’s a hassle to track down at the last minute. Keep it current as the year goes and you will free up so much time and frustration later.
  4. Keep track of business miles through out the year. Again, keeping track as you go makes it easier when Tax Time actually hits.
  5. Get informed. Most tax offices that are open year round don’t mind answering questions for their clients. It’s why they stay open year round! If you’re not sure of how something is going to impact your tax outcome, ask before you do it.
  6. Remember where you worked. Don’t let a stray W-2 that you forgot you had coming cause you to amend. Amendments could possibly cost you some money. No one likes spending out if they don’t have to.
  7. Research your tax office. Don’t just blindly choose. Really ask around. Ask your friends and family how helpful their tax office was. Did they have the answers they needed? Was it reasonably priced? Do they feel that their tax office did the best they could? Know before time comes so you can make an informed decision.

 

Visit our website for further information on how you can be prepared and how we can help you.

www.jostax.com

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