Preparing for your Taxes
We are preparing for the time of the year that some people like and others, well, not as much. No matter which one you are, there are somethings you need to do so this process is as painless as possible and you are as prepared as possible.
1. Work with a competent tax preparer. Not everyone who prepares tax returns is competent to handle all types of clients, especially if you are a business owner or deal in real estate. You could be leaving money on the table.
2. Get organized. Work with your tax preparer to see how they want you to organize your financial information for them. This will make it easier for them and save you money at the same time.
3. Maximize your retirement accounts. If your employer offers a 401K, use it. If they do not, or if you are self-employed, consider an IRA or other retirement accounts.
4. Always verify what you are signing. Don’t blindly sign the tax returns your preparer gave you. You need to make sure that all the information you gave them is included. If something is missing or looks out of place, question it.
5. The new tax bill has many changes for 2018, so make sure you speak with a tax professional about how you need to prepare now for these changes to make the most of them. Waiting till next year will be too late.
If you are considering buying a house, you can use your tax refund to help you get closer to that goal.
