Just saying the word taxes is enough to make some people cringe. Taxes have existed for much of human civilizations, and no matter how much you may dislike paying your taxes or how confusing the tax code may seem to you, the bottom line is that they aren’t going anywhere. April 15th is just around the corner. s we enter the 2015 holiday season, now is the time to start thinking about your expenses from the past year and to take care of any last minute needs before the year comes to an end.
Here is a quick guide to what you can do now to prepare for the tax season in the spring:
- Organize tax documents: Don’t leave your receipts in a mess until it is time to officially file in the spring. Go ahead and start organizing your receipts now. Add up your spending and determine if there are any outstanding costs that need to be taken into consideration before December 31st.
- Make a checklist: Take a look at your taxes from last year and see what deductions you applied for, and more importantly what deductions you almost qualified for but weren’t eligible for. Make a checklist of things you need to do to be prepared to do your taxes next spring. This might include taking care of medical expenses or addressing certain business costs.
- Don’t procrastinate: The closer it gets to the tax deadline, the more difficult it is to get your taxes in line. So many people miss out on deductions and end up paying too much in taxes year after year simply because they wait too long to get started.
Tax codes seem almost intentionally confusing. There are a lot of nuances and exceptions, and all sorts of minor rules and deductions that can have a huge impact on your tax bill. What is worse, getting your taxes wrong can lead to a major headache if an audit turns up. This is why it is best to consult with a professional. An accountant can give you the tools and support necessary to get through tax season without a headache. Every year, millions of Americans overpay on their taxes simply because they don’t understand tax codes. Don’t make the same mistake. Contact MBS accountancy to learn more about getting ahead on your 2015 taxes.