Springtime gives people many things to look forward to. The weather begins to warm up, flowers start to grow and the grass returns to its lush, green color. Spring mostly brings happiness, but it also brings with it the dreadful tax season. By April 15, everyone across the country must file their taxes or face hefty penalties from the U.S. government. It can be a stressful time, with people quickly trying to tie up any loose ends and ensure that they have all of their information correct before sending it off for review. As hectic as tax season is, there are some ways that people can reduce the stress and make the process a little easier on themselves.
- Keep Accurate Records – This is something all taxpayers should be doing throughout the year. Keeping an accurate set of records is the best way to ensure that no mistakes are made when filing taxes. Whether you use a professional accountant or file your own taxes, questions on past financial data are bound to come up. If you have everything kept in one convenient location, it is easy to find the information in question and correct any data that might be wrong. When important information is missing, it leaves you guessing at critical numbers, which can become a problem if you are ever audited by the government.
- Befriend a Tax Pro – Having friends in the tax world never hurts. This is especially true if you file your own taxes. The tax filing procedure is complicated, and it’s nice to be able to call (or text) a friend with quick questions for advice. They can be a great tax resource and are likely to also have recommendations about what you file and what is or is not exempt. Keep your friends close and your accountant friends closer!
- Use an Agency That is Part of State CPA Societies- For those that don’t want to deal with the complicated tax-filing process themselves, working with an accountant can reduce a lot of the stress. When looking through a local tax directory, it is a good idea to try and find agencies that belong to state CPA societies or national societies, like the society of certified public accountants and professional accounting society of america. Membership in these societies means that your accountant has access to the most up-to-date resources, allowing them to better serve your needs.