Whether you’re gathering forms in New York, NY, or you’re beginning tax preparation in Hayward, CA, tax season can be an extremely stressful time. Even if your taxes are in perfect order, the prospect a one-on-one encounter with the IRS is enough to stir anxiety in anyone.
Not to fear, however, because taking the stress out of your taxes is as simple as finding a reliable partner and engaging in some simple preparation. It’s never too early to start thinking about your upcoming taxes.
Here are some steps to take to prepare your taxes and remove some of the stress from the process.
Designate a Tax Folder
At the end of January, U.S. citizens receive pertinent tax documents from their employer, as well as any financial institution with which they’ve had contact. As these documents arrive, begin to set them aside in one, easy-to-find location.
Gather Your Personal Information
When you file your taxes, you’ll need a specific selection of personal information for anyone you’re filing for. So, be sure to have a secure sheet of paper with your immediate family’s:
- Legal first and last names
- Social Security numbers
- Dates of birth
- Bank account number and routing information
This sensitive information should be kept in your folder at all times and only given directly to the accountant.
Know Your Forms
Do you have a steady job from one employer? Keep on the lookout for your W-2. Are you a freelancer with several positions? You’ll want to collect your 1099 forms as they arrive. Various types of income you’ve received from employment, retirement and investments will all have their own tax forms to keep on the lookout for.
Think About Deductions
You may be surprised to find out what deductions you’ve earned when beginning your tax preparation in Hayward, CA. Things like a mortgage or business expenses can save you some money come tax time.
Be Sure to Sort Properly
Save yourself and your accountant some time by keeping your various types of income—employment, investment, etc.—sorted into separate piles. You can either get a multi-pocketed folder for this purpose, or just pick up a box of paper clips if you’re feeling frugal.
Find the Perfect Pro with One Phone Call
Once you have all of your documents in order, it’s time to make the most critical decision of the tax filing process: hiring your tax preparer.
It’s a mistake to try and do your taxes on your own when a certified professional can deliver a more significant and accurate return time and time again. For an all-in-one solution, bring your tax documents to the premier firm for tax preparation in Hayward, CA: Menjivar & Company CPAs, Inc. Over more than 40 sterling years in business, we’ve established ourselves as the go-to tax expert in Hayward and the surrounding areas.
Whether you’re a company preparing for an IRS audit or a personal citizen hoping to get the most from your tax return, you can count on Menjivar & Company CPAs, Inc. to deliver expedient, informed results alongside a generous helping of excellent customer service. Visit our website today, or give us a call to schedule an appointment.
Categorised in: Tax Preparation