With the April deadline of tax season fast approaching, here are five key tips to surviving the month ahead!
1. Start early and organize
Doing taxes for yourself or your organization can be a daunting task. The best way to make sure that you maximize your return is to organize your paperwork.
You’re going to need to track your important documentation throughout the year. Try to keep a centralized location for all your papers: desk drawer, filing folders, or online storage programs. Make sure you include any salary documentation (W2, T4), corporate returns, and expenses.
2. Come up with a plan
For many of us, the thought of completing taxes is overwhelming. Make a plan to submit your taxes are early as possible. Leaving it to the last minute and waiting until April will only ensure you are paying high fees to an accountant and waiting longer for your return. If you break up your time, you will be able to look at your work with fresh eyes and perhaps catch something you did not see before.
3. Be in the know about deductions
Tax laws are like the ocean - deep, ever changing, sometimes distressing, but often with a hidden treasure for those willing to jump in. The internet is a great tool for staying informed about tax legislation in your region. Do your homework and research all relevant deductions and credits; you may be entitled to a greater return than you expected. If you're willing to swim the sea of tax knowledge, you could find the treasure and save yourself or your organization money!
4. Know when you need help
Depending on the complexity of your situation, your taxes may not be suitable for a DIY project. It is always best to know when to hire support. For small business owners, small accounting teams, individuals or organizations with multiple charity contributions, or have complex credits and deductions, it may be better to hire a professional. Consider hiring a temporary Fieldstaff to support your team and increase efficiency during tax season to make sure nothing falls through the cracks.
5. Filing electronically
If you're not doing so already, I would highly recommend filing your taxes online. This option will save you time and money. One of the greatest benefits of filing your taxes electronically is that within minutes of completion, you will receive a confirmation, as well as notifications of any errors and instructions on how to fix them. Filing electronically will also let you cut down on mailing time, postage costs, and can expedite the process of getting your return.
Following these five steps will help you see the light at the end of the tax tunnel. To help you get through the storm, you can hire a temporary accounting employee for support - Contact TPD Staffing to do so today!
Marlene Romero, Credit Manager
With over five years of accounting experience, Marlene has executed system migrations, full cycle accounting, payroll, and of course, taxes.