Set the Stage for a Successful Tax Day
There are simple things you can do today to help you get through tax season. The IRS started accepting 2019 tax returns on January 28, 2020. If you are starting as early as you can or waiting until the last minute, we have our favorite tips and tricks to help you stay organized and clear obstacles with ease.
5 key things to prepare today to make your tax season easier are:
1. Decide Who Will Prepare and Fill Your Taxes: Taxes are complicated. As a result, you might need to hire a CPA or other tax professional to prepare and file your taxes. Just don’t wait until the calendar flips to April to make that decision because it could end up costing you.
2. Set Aside The Right Amount of Time: Life is hectic. Clear a designated block of time on the calendar to file. When the time rolls around, you’ll have an environment that lets you focus.
3. Max Out Retirement Plan Contributions: Do yourself a favor and increase your contributions. If you can’t afford to make the maximum contributions, you should at least try to contribute the amount that will be matched by employer contributions.
4. Double Check Your Income Statements: If you haven’t checked the withholding amount on your pay stub this year, you should double-check your paycheck. If you’re not having enough tax withheld from your paycheck, you will owe Uncle Sam at tax time. Whether you file personal, corporate or just informational returns, the IRS’s main interest is income.
5. Do Not Ignore the IRS: The IRS can seize assets if necessary. If the IRS has been sending you letters because it found an error on your return or claims you owe back taxes, do not delay your response!
Our services can help you to prepare your taxes quickly so that you can get back to your life. You want a partner who is here to help you! With the help of Raleigh Bookkeeping, we can keep you on track and prepared to knock your taxes out. We would love to hear from you! Book a free consultation today and get to know us. We cannot wait to get in touch with you.