Tax Time Tips

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It is that time of year again, tax season. As personal tax returns are due April 15th, it is very common for inpiduals to file their returns at the last minute. This procrastination tends to only exacerbate the stress associated with this time of year. Fortunately, there are many good habits and practices one can follow. It is important to note that although this article contains no tax or legal advice, there are quite a few tips which you may find helpful. There are many strategies one can implement to help alleviate this stress of tax season.

First and foremost, your tax return should be prepared and filed by a qualified tax professional. Although it’s very ambitious to file your own return, the experience and knowledge a tax professional can offer can prove to be invaluable.

Do it yourself tax preparation software is not the answer. It is in your best interest to hire someone who will prepare and file your return with the utmost professionalism, skill and care. Filing a return can get very complicated. The professional you choose should make sure you are maximizing your tax deductions. It is their job to be cognizant of any and all deductions that may be applicable to you. This is why it is crucial to have someone with experience oversee your tax planning.

A CPA can help to give you the inpidual attention needed to assess and monitor your situation. Hiring the right tax advisor should provide peace of mind. This is the foundation for a successful tax season.

In addition to retaining an experienced professional, it is just as important to be organized year-round. This does not mean scrambling to get all of your financial documentation in order the week of April 15th. This means maintaining organized records and copies of all your financial statements, papers and documents as you receive them throughout the year. By being proactive throughout the year, the meeting with your CPA will be that much more efficient when it comes time to file your return.

Your financial professional can assist greatly during this organizational process. They can help provide you with all necessary investment documentation and statements which you will need to provide to your accountant. If possible, it is a great idea to have your accountant coordinate with your financial professional in order to achieve efficiency and maximize productivity.

Being proactive is a very important strategy. As it is intertwined with being organized year-round, preparing your tax return before the deadline is crucial. This will leave you with the sufficient time needed to address and correct any errors or issues that may need to be addressed. If you procrastinate and file the week of, you forego this time to review and ensure that everything is correct. Not to mention, you may also come to realize opportunities for tax deductions that may have been overlooked.

We would even recommend having a tax planning meeting with your tax advisor towards the end of October. This will give you time to get a proper understanding of your tax situation for the year. In addition, this information may be helpful in making financial decisions for the remainder of the year.

If you are looking for a CPA to help prepare your taxes, we may be able to recommend someone that is a good fit for you. Also, be sure to watch the latest Mitlin Minute on tax time tips. For more information contact us at (631) 952-4466 x12 and learn how Mitlin Financial can help you find the right tax professional for you and your family.

Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

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