Friday, June 24, 2022

5 Tips To Get A Head Start On Your Tax Organization

 

Organizing your taxes can seem like an impossible task, especially if you wait until the last minute to start working on it. Fortunately, if you take some time to get organized early in the year and schedule plenty of time to work on your taxes at least twice a month, you’ll find that the process becomes much easier to handle when April finally rolls around.

Here are five tips to get yourself started with getting your taxes organized early this year.

1. Download Helpful Software

Before you can start organizing your receipts, you’ll need some helpful software. Good news: there are plenty of great apps and programs out there that make tax filing simple, like TurboTax (which is, appropriately enough, an app). However, if you prefer something more old-school, try a program like Quicken or QuickBooks.

Whatever you choose, make sure it will help keep track of all your income and expenses — and don’t forget to look into whether or not it offers any special discounts for individuals!

2. Organize Income Documents

It’s smart to organize W2s, 1099s, and other income documents well before tax season, so you don’t scramble when preparing your taxes. You can scan these documents or take photos of them with your phone. Organizing is just as important as having all your documentation, if not more so.

3. Gather Your Records

Start gathering your records and receipts for tax filing as soon as you can. That way, you won’t have to scramble around in April trying to locate them all. Make sure you have everything stored in one place — a desk drawer or box will work just fine — so it’s easy to access when tax season rolls around.

4. Consider a Tax Preparer

If you can’t or don’t want to handle your own taxes, another option is to hire a tax preparer. You’ll still be responsible for filing and paying applicable taxes (or penalties), but it will take away some of the hassles of organizing receipts and other paperwork.

Hiring someone to help you with your taxes also means that you won’t have to worry about making mistakes on returns — which could result in additional fees and penalties from the I.R.S. Many preparers also offer discounts for early birds who file before tax day!

5. Consider Getting Your Property Taxes Lowered

If your property tax is too high, it’s not going to be fun when tax season rolls around. With the help of our team here at P.T.R.C., Inc., we can assist you with taking a huge burden off your tax season.
 

Contact Us for Property Tax Reduction on Long Island

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.comc.com

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