December is a great time to start preparing to file your taxes. Many of us get to enjoy a few extra days around the home, surrounded by the ones we love. It is also a time of reflection of the year, and thoughts and plan for the New Year begin. Then the dreaded thought comes…. TAXES!!!
So what are some ways that you can prepare for your filing now, to ease the pain and stress come April? Here are some tips from the experts:
1) Locate and Review your 2016 tax documents.
2) If you have changed jobs this year, make sure that you receive all your tax stubs including W-2’s and 1099’s.
3) If you are self employed or a 1099, now is a great time to review your monthly expenses and ensure you are taking the maximum deductions available to you. If you are unsure of certain deductions, you can always contact our office to learn more.
4) Make sure you have all documentation for IRA, education and medical expenses throughout the year.
5)Make a list of all investment vehicles to ensure you receive your end of year interest income documents.
6) All income received in the year must be documented such as Social Security, alimony or lottery/gambling winnings.
7) Review, Review, Review. The best way to avoid mistakes or amendments is to review your documents as many time as possible to ensure you have all your information. And always keep records of your tax information in case of an audit!
8) Lastly, don’t Stress! We know this one is a tough, but don’t be afraid. With preparation and the advice of a firm you can trust, you can rest easy!