4 Steps To Take Now For A Better Tax Meeting
Tax season is upon us. Whether you’ve scheduled your meeting with your accountant or haven’t thought about it yet, following these steps can help improve your next tax meeting.
Review your prior year tax return to help identify what income / expenses are similar and what may be different. It’s important to identify any changes to your income and expenses so that you can make your accountant aware of this information.
Jot down any major life changes that occurred last year. Did you buy/ sell a home or property, have a baby, get a new job, start a new business, move to a different state? Any major life change is important to share with your accountant. Many of these changes come with tax credits and deductions, so be sure to jot down everything. Your accountant can help categorize the changes.
Have all of your finances on hand and ready to discuss. Coming to the meeting with a clear picture of your finances will help expedite your tax return process. Have any bank statements, W-2’s, 1099’s, any additional income, investments, stocks/bonds, large purchase history, receipts, medical expenses, and charitable donations.
Don’t just focus on the past. Be prepared to talk about your future plans that may differ from last year. If you are planning any major life changes, now is the time to share that information with your accountant. Things like: buying a home, having a baby, getting married, cashing out stocks, and receiving a big bonus can all impact your tax return. Letting your accountant know about your future plans can help them create a clear plan for your next tax return.
If you have questions about your upcoming tax return, contact us today for a free tax consultation.