If you’re a procrastinator, filing your taxes is probably the last thing on your mind. Although there’s a long way to go until April, it’s never too early to start thinking about your tax preparation. Choosing the right accounting services in Parkland can ultimately make a big difference in how much money you end up paying to Uncle Sam. Friedman Accounting Inc. is about placing clients in the best position to save as much money as possible. Here are some reasons why it’s never too early to get started on your tax preparation.
You may not realize it. But there are several events and changes in your personal life that can affect your taxes. The birth of a child, getting married or the purchase of new home are some of the common changes many people will experience in their lives. When it comes to tax preparation services in Parkland, it’s important to choose an accountant with significant experience and a track record of looking out for the best interest of each client. As 2015 comes to a close, now is actually a great time to get yourself organizes. Here are some easy tips to help you save on taxes and maximize your refund.
- Gather your tax documents: In the next couple of months, you will begin to receive your W-2 forms, and form SSA-1099 for those who receive Social Security benefits. Make sure you have complete records of dividends or a 1099-MISC if you are an independent contractor. Gather 1098s for mortgage interest, student loan interest or tuition payments. You must also report any gambling winning with a W-2G form. The bottom line is you must report all sources of income.
- Gather your receipts: Many of your expenses can be itemized as tax write offs, this includes property taxes, medical costs not covered by your health plan along with job-related and investment-related expenses.
- Keep records of the charitable contributions: If you contribute to a charity, it’s important to get written documentation listing the amount of your donation. It also important that you did not receive anything in return.
- Stay on top of changes in tax law: One of the drawbacks of filing at the last minute is getting caught off guard by changes in tax laws. This is why early tax preparation in Parkland is always the best option.
Friedman Accounting, Inc. provides comprehensive tax preparation services in Parkland for both individuals and businesses. Whether you need assistance filing your tax returns or require accounting and bookkeeping services in Parkland, count on the firm that uses the latest in technology to ensure you get the best result. Contact Friedman Accounting, Inc. today.