Welcome to 2014 Tax Season!
Welcome to the 2014 tax season.
In the next few months, many of you will be struggling to get your paperwork ready for your tax preparer or to prepare to do it yourself. Either way, there are constants everyone can do to make the process run more smoothly.
First, set aside a large envelope just for 2013 taxes and discipline yourself to use it. One of the biggest problems I have seen is the panic clients experience when they feel they have lost something important. As your documents arrive in the mail in the next couple of weeks, place them directly into the envelope. Knowing where everything is will give you confidence that you have this part under control.
Next, keep your 2012 tax return out for reference. Taking a look periodically will remind you of deductions you took last year and might otherwise overlook, such as medical expenses, charitable donations, and the deductible miles for allowable for each. For those of you will rental properties, remember repairs and maintenance items, mortgage statements, rents paid by tenants and nonrefundable deposits. The bottom line is that using the 2012 tax return as a reference tool will save you time and stress later.
As an additional tool, you can use the Tax Organizer on our website, as well as making use of the other financial tools on the site.
With these few tips, you are ready to start the process. Good luck.
Cathy Rogers, EA
Cathy Rogers, EA | 12/10/2013