3 Tips to Make Filing Taxes Easy
It’s time to start organizing and preparing to file your 2020 taxes. While April 15th is the official deadline, it’s best to not wait until the last minute. We sat down with Jacob Sanders, Managing Partner and CPA at Sanders, Myers & Blackwell CPAs, to get his top three tips for individuals to help keep you organized, ensure you’re able to file with ease, and meet the necessary deadlines without scrambling.
Top 3 Tips to Get Organized:
- Create a place for your tax documents. This is a simple tip that will help keep you organized. Banks, investment firms, and others begin sending out 1099’s and other tax documents in late January and early February. Most of these items will indicate on the envelope that they contain tax documents. Find a good place to gather and store all of this information. This will make it easier when it is time to take this information to your CPA.
- Use the tax organizer from your CPA. Most tax preparers send out a tax organizer to their clients. While you may not want to take the time to go through this document and fill it out, it’s a great tool to help you make sure you have all relevant information before going to see your CPA. For example, if you look in the deductions section, you may see that you had two mortgage interest statements in the prior year, so you can make sure you have both of them for the current year. If you do not regularly receive a tax organizer, simply request one from your CPA.
- Don’t procrastinate. Many people dread tax time. This may be because they know they will owe money or it may just be the time they know they will have to spend pulling together information. Whatever the reason, procrastination only makes the problem worse. Get your information to your CPA as early as possible. This will allow them time to get your return done timely and accurately. If you do owe money, this may also allow time for tax saving strategies, such as contributing money to an IRA.
We hope these tips have been helpful. Feel free to contact us should you need assistance with your individual tax accounting, or small business, real estate, or nonprofit tax needs. Sanders, Myers & Blackwell CPAs is focused on more than just filling out forms. We’re a partner to our clients throughout the year to ensure they are prepared, informed, and supported.