It’s only September, but it’s never too early to start considering getting everything for your taxes in order. It’s not the time to rush, you have time, but to have everything in order come tax season can make things easier on you, and make for a quicker appointment with your accountant.
First, obviously, when you go see your accountant this tax season you’ll need to bring in your tax forms, forms for most of you that you wont have until January, and your employer has the entire month before they’re legally bound to have sent this out, so this one part you wont have to worry about until then.
This is the time of year to gather all of the paid forms for medical expenses, childcare expenses, student loan payments, etc. At the end of the year you will most likely receive certain tax documents from some of these institutions, and it’s important that you can quickly double check the tax form against the receipts of payment for what you paid out monthly.
There can be discrepancies at the end of the year, which could end up costing you, if you’re not prepared. Also, this is the time of year to collect each and every receipt. Oftentimes people will absently store paper receipts, future write-offs—we’re looking at you small business owner—in a wallet or a purse, only to later be discarded as trash by accident.
Every single applicable receipt for your business counts. Document the receipts, as well as keep the original copies, to ensure that come tax season you’re not missing out on one, single write off.
Also, for those of you who write off your vehicle mileage, it can be easy to forget to do this each and every day if you’re not in the habit. Each and every mile could count for a certain amount in taxable deductions, so know what those miles are. Have this information documented, so come tax time, there’s no question as to how many you need to report.
Obviously September is not a major tax month for most of us, but everyone should always be reminded to be prepared for the tax season.
Practical Taxes is a full service accounting firm in Billings, Montana. We can help you get the most from your taxes, and make sure that you will get the maximum refund every year. But we don’t just do taxes! We can help with your bookkeeping, payroll, bank reconciliation, budgeting, and more. Give us a call at 406-894-2090 to learn more.