It’s tax season, and it’s never too early to start thinking about how to prepare for it. Whether you’re an individual taxpayer or a business owner, staying on top of your tax preparation can save you time, money, and stress.
The DIY approach to tax preparation is doable yet may likely backfire if you miss crucial aspects. In this post, we’ll cover simple tips to stay on top of your taxes and avoid any surprises come tax time.
1. Carefully Select Your Tax Preparer
Select the right tax accountant for your business or personal taxes, and the stage will be set for smooth and accurate filing. Above all, make sure the professional you select to handle your taxes has the proper tax ID number indicating they’re authorized to prepare your tax returns.
However, one bad news: Many accountants are leaving the tax field at a surprisingly high rate. In the past two years, over 300,000 accountants have departed the field.
Among the reasons accountants are steering into other fields include the dynamic (and often confusing) tax law changes, the field’s lengthy hours, and challenging requirements for licensing. Keeping up-to-date with the latest tax knowledge can really be…taxing.
But don’t worry. At Sensible Services ABC, we are more than ready and willing to handle your tax preparation and tax planning needs. Lean on our tax experts, and you’ll navigate this notoriously stressful time of the year without hindrance.
2. Organize Your Tax-related Documents
Once you’ve selected the right tax preparer, focus on gathering the necessary documents. Organize your business’s financial records, and you’ll pave a path toward fast and accurate tax preparation and filing.
Everything—like receipts, payments to the self-employed, and accounts receivable statements—should be grouped for submission. Don’t forget to include a copy of your tax return and related documents from the year prior.
3. Beware of Scams
Do not give your business to an alleged tax preparation specialist who promises a sizable refund. Oftentimes, such tax preparers are scam artists or professionals willing to break the law to provide clients with a larger tax refund than should be available.
Remember, you sign your tax return under penalty of perjury. This means you are liable for incorrect information that has the potential to be considered fraud. So, do your due diligence when checking out accounting and tax firms. Choose a credible one like Sensible Services ABC.
Also, be skeptical if you get a phone call, text, or email from a person or group claiming to work for the IRS or the U.S. Treasury. Such forms of communication are mostly scams. However, if you receive official correspondence from the IRS sent through the U.S. Postal Service (USPS), show it to Sensible Services ABC for analysis.
Sensible Services ABC is at Your Service
Sensible Services ABC is here for business owners and managers in Hammond, LA and throughout the U.S. From tracking your expenses to taking advantage of tax breaks, we’ll help with everything you need to know to stay on top of your taxes and avoid any surprises.