Tax preparation can be overwhelming, but unfortunately it is an unavoidable task that must be fulfilled. The good news is, were here to help. Here are some tax preparation tips to help you in your tax preparation process:

Find a Tax Preparer

The first step is to find a tax preparer that is right for you. Take the necessary steps to make sure you find a preparer that is qualified then you can choose someone that works well with your needs.


Make an Appointment

Once you find the right tax preparer for you, you can then begin the tax preparation process. Schedule an appointment with your tax preparer as soon as possible so you can get the ball rolling on your tax preparation.


Collect Your Data

Gather all forms you have received in regards to your tax return information. Here are some (but not all) common forms that you might need:

  • W-2
  • SSA-1099
  • W-2

Gather Your Receipts

Receipts equal write-offs. Gather your receipts. Your receipts will help you when it comes to itemizing your personal deductions. It is helpful to employ an organization system throughout the year for your receipts so they are all in one place, you thank yourself when you have everything you need in front of you and are not doing any last minute scrambling to find that receipt that you swear you had just the other day.

However, not everything has a receipt. For example, Charitable contributions make for great tax write offs. So keep the records associated with any charitable giving so you can have them handy when it’s time to file.


Learn About Any Tax Law Changes

Educate yourself. You don’t want any surprises so make sure you are knowledgeable about any changes that have occurred in the tax laws.


Figure Out if You Need to file for an Extension

If you think you are going to need an extension, don’t hesitate. Taxes are tedious and there are a lot of steps. You don’t want to be slammed with any late fees so if you need more time, know when the deadline to file an extension is and file it.


How Do You Take Your Refund?

There are multiple options to choose from when deciding how to receive your refund, such as:

  • Applying it to your taxes in part or in full
  • Receiving it as a direct deposit
  • Receiving it as a check by mail

Talk to your tax preparer about what option is best for you, and they will provide you with the appropriate forms for the option that you choose.


Have a Copy of Your Previous Return

If you are working with a new preparer it is important to provide them with documentation of your previous return so they can better equip your wants and needs. This will give them an idea of your tax history so they can potentially give you an improved refund from the previous year.

Start your preparation process early so you can ensure that your tax experience is a successful one. Stay organized and use these tips and you’re well on your way to a prosperous tax practice.