How to Get Ready for Tax Season

Get Ready for Filing Taxes 

Although tax season is not exactly one of the most loved times of year, there are ways to make it less painful. Proper organization and early filing can help to make your tax season go by quickly so that you can get on with what you do best.

No matter how much assistance you get from tax accountants and programs, here are some key ways to organize your document gathering:

  • Get out your receipts: Large or small, potential deductions like charitable contributions or business expenses can add up. Even if you’ve never itemized deductions in the past, knowing the amount of your potential deductions could determine whether you should begin itemizing this year.
  • Write a list of income sources: Make a list of what you should be expecting by identifying all your income sources, from employers to banks to mutual funds, rather than relying on the random arrival of tax forms.
  • Consider an IRA contribution: You can make an IRA contribution until the tax filing deadline, and still have it count for last year.
  • Revisit your withholding instructions: Conventional wisdom has been to minimize withholding even if it means paying up at tax time because that way you’ll have the money at your disposal throughout the year. With savings account interest rates near zero, it might be worth re-thinking this approach.
  • Learn from mistakes: Learn from your missing receipts or trouble calculating gains and losses for next year’s tax return!

Make your filing a smooth process by putting these tips into practice! When looking to save money and ensure the safety of your finances, reviewing your insurance coverages is key! For a quality and personalized insurance policy, contact Abatelli Group, Inc., serving Whitestone and neighboring areas of New York.

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