In the world of personal income taxes, waiting until March or April to plan may be too little, too late. Geddes & Company, P.C. will work with you and your family year-round to avoid the last minute crunch a rushed tax preparation process can bring. Why wait until March or April to prepare your taxes and risk souring your spring? We operate a family business, with 25 years of experience handling personal income tax preparation and filing. We pride ourselves on handling every client we work with with care and compassion, as if they were a member of our family.
Preparing for Tax Season
Contacting a tax professional to help prepare for your family’s filing brings ease and certainty to what can be a daunting process. However, there are several steps you can take on your own that will help aid tax preparation prior to sitting down with a professional. Below are a few things you and your loved ones can do throughout the year to get ready for tax season.
Keep Organized Records
Having disorganized financial records can create a number of problems when preparing your taxes. By working with Geddes & Company, P.C. to develop a system of organization for your personal documents, you can help eliminate the chance of missed deductions and credits. We recommend digitizing family financial records, and creating multiple backup copies to ensure that nothing goes missing as you compile your receipts and financial records throughout the year. This will make the preparation and filing process easier, and create an easily searchable resource for our tax preparation professionals.
Collect Important Tax Documents
At the beginning of the calendar year you will have received a number of important documents, either electronically or physically that will be essential to you personal tax filing. These documents come in many different forms. If you aren’t sure whether certain information will be relevant, it is best to error on the side of caution and present everything to a Geddes & Company, P.C. tax professional. Below are just a few of the documents you can expect to receive by the end of January:
- W-2 forms from your employer.
- SSA-1099 form for Social Security benefits
- 1098 forms concerning information regarding your mortgage interest, student loan interest, or school tuition.
- A range of 1099 forms, which include important information on dividends, interest, debt cancellation, securities transactions, or any earnings you received as an independent contract.
- A 1095-A form concerning the government healthcare marketplace.
- K-1 forms which deal with any businesses you own.
Collect Receipts and Charitable Donation Information
A well organized and digitized financial record greatly eases the process of tax preparation and filing. Be sure to add any receipts to this database that could possibly yield a deduction or credit, and any information concerning charitable donations made throughout the year. The more detailed the record, the more beneficial it will be when itemizing your filing. This will allow you to receive a larger return and avoid IRS scrutiny. Deductions can come in many forms so be sure to keep documentation for anything you think may lead to a deduction. More common deductible expenses include medical expenses, business/job related expenses, and property taxes.
Compile Personal Information and Dates
A wide-variety of personal information will be required by the IRS when filing your family’s income taxes. This can include social security number and birthdays of your dependents, addresses of property you own, and important dates, such as the date you sold your home, or the date you moved. Having all of these items together before preparing your taxes will cut down on the time you may have spent researching, thus making sure you submit your forms on time.
Schedule an Appointment With a Tax Professional
This step in the tax preparation process can be done at any time, the sooner the better. By keeping in contact with a tax professional such as those at Geddes & Company, P.C. you can stay on top of important information you may need during filing season. Our experts work hard to stay up to date on changes to tax law and policy, and can inform you of changes to the process or important deductions and credits that you may be missing.
Determine How to Use your Refund
Geddes & Company, P.C.’s certified tax professionals have the expertise to let you know if you can expect a refund on your tax filing, and how much that refund will be. If you do stand to receive a refund from the IRS this year, it is important that you are aware of the multiple options you have when it comes to distributing the funds. A refund can be directly deposited into a checking or savings account, applied to a future tax bill, or put towards a retirement plan or investment portfolio. The tax professionals at Geddes & Company, P.C. will help you determine which option is right for you and your family.
Contact Us Today
Don’t wait ‘til the last minute to start thinking about this year’s tax season. Geddes & Company, P.C. will work with you and your family year-round to manage your finances and help ensure you receive the maximum return possible. Professional tax services aren’t reserved for millionaires or oil tycoons. Geddes & Company, P.C. can work with any budget to help ensure your family is safe from IRS scrutiny. Contact us today to find out how Geddes & Company, P.C. can work for you.