4 Tips for Preparing for The Upcoming Tax Year

Its a new year… and that means a new tax year.   Here are 4 tips for staying organized for the upcoming tax year.

What You Need to Know

  • Scan and Save

Keeping tabs of every receipt or invoice can be a challenge.  It’s more than likely that something will be lost or damaged beyond readability by the time your taxes roll around.   Therefore, it can be a good idea to keep electronic records. This could mean taking pictures of all your important receipts or scanning them and filing them electronically.   This will ensure everything stays in one place.

  • Make a Tax Document Folder

A simple undertaking that will save you a lot of stress when it comes time to do your tax return!  Designating a folder or envelope to store tax documents and receipts is the easiest and best way to stay organized.  All you have to do is hand it to your accountant at tax time!

  • Organize Your Receipts

Especially true for business owners, the more unorganized your receipts, the more time your accountant will have to put into organizing them; therefore, the higher the bill.  Save yourself some money by putting aside a little bit of time to categorize everything before it goes to the accountant.  This will also serve as a good opportunity to review your expenses for the year.

  • Find Out What You Can Claim

The tax act is always changing and therefore credits and deductions are always changing.  Take some time to find out what you might be eligible for before tax time, or check with your accountant on updates on what can and can’t be claimed.  This will give you the opportunity to keep important papers that you may otherwise have disposed of. 

The Bottom Line

Putting some thought into your taxes this year may save you a lot of stress when tax time comes around this and in future years!

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This information is designed to educate and inform you of financial strategies and products currently available. As each individual’s circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.