There’s a lot to look forward to as spring comes around each year, but for most people tax season isn’t something to look forward to. Although tax season can be exhausting, it doesn’t have to catch you off guard. There are things that you can do right now to get prepared and ready for the dreaded tax season—and by doing these things you can make the tax season less dreadful over all!
1. Get your W-2 form. Every company should give their employees a W-2 form around the end of January of each year. This form allows the employee to see his/her total earnings and taxes paid during the previous year. This form is necessary to file taxes; thus, if your employer has not given you this form, you will need to request it. Getting this form before you start filing your taxes will help speed along the process.
2. Do an inventory of all your tax deductions. According to this list of tax preparations there are ways to receive tax reductions for interest paid on mortgage loans, for personal property taxes, and for charitable donations. Before you get started on filing your taxes make sure you’ve identified all your tax deductions so you don’t lose money!
3. Get organized. Don’t wait until the last minute to gather all your information. If you haven’t stayed organized during the year, don’t worry! It will still be better to get all your forms in order before you visit with an accountant. So get organized today and save yourself the extra stress during the tax season!
These are some of the ways that you can get prepared and minimize the stress of tax season! Contact us at Fair, Anderson & Langerman for further questions on how to survive tax season without all the stress!.