Tax Tips For The End Of The Year To Lessen Crunch-Time Stress
Posted on: 22 November 2019
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The end of the year is coming — much sooner than many are ready for. Now is the time to start thinking about taxes. Although you'd rather be spending your days preparing for and celebrating the holidays, taxes must take some level of priority. Here, you'll find a few tips to help you prepare for the upcoming tax season before the year comes to an end.
Find a Tax Preparation Service
You can do all of the reading online about what to do about tax situations as you have time for, but the truth is, everyone's situation is different. It is difficult, if not impossible to provide anyone with blanket tax advice. What could be good advice for one person, might be the worst thing to do for another. Talking with a tax return preparation professional about your personal or business taxes is the only way to get advice that will be sure to be beneficial.
Clear the Closets
Now is the time to get those closets cleaned out and donate all of the things that you don't want, need or use. Donating to charitable foundations any time of the year is a good idea because it can be used as a donation deduction, but the end of the year, well, you're less likely to lose that donation receipt before it's time to file taxes.
Contact Health Providers
Rather than sorting through piles of papers trying to add up all of your medical expenses for the year, contact your healthcare providers and request a statement for the entire year. This statement will provide the tax preparer the information that they need to include your medical costs in your return — without having to spend hours sorting through the billing documents.
Create a Folder
As you gather the documents, create a folder to store it all in. You don't want to have to find everything a second time. This folder will include everything that you'll be requested to provide for tax preparation. When you talk with the tax professional, request a list of documents that will be needed. Then, as you locate them, check it off the list and store it in the folder. This will save you a lot of time and aggravation and decrease the chances of missing a deduction that you would have qualified for.
Taxes aren't fun, but if you get a head start, you won't have to worry as much when the deadline to file comes near.