Tax Preparation Tips | Waukesha CPA Edith Christian
It’s common for people to cash their paychecks month after month without taking the time to review what’s really on them. While you most certainly have withholdings included in your check, make sure everything adds up. Sometimes, even employers make mistakes, and this adjustment can affect you come tax time.
Being ready for your tax preparation can help make the process much more painless. Its never to early to start planning for April 15th. Waukesha Accountant and tax return specialist Edith Christian CPA has a few tips for youIt’s a great idea to have everything in its place when it comes time to filing your taxes, so make sure that you file away your 2011 tax returns so you can easily access them come 2013.
Review Your Paycheck Information
Withhold Less from Your Paycheck
It may be nice to get a larger tax refund, but you may want to adjust your withholdings. If you do, you can take away more each month and get less at tax time, something that is welcoming to families on a budget.
Decrease Taxable Income
It’s almost the end of the year, so now is the time where people should look for itemized deductions that can save money come tax time. For example, maybe there is an early property tax payment you can make that will help for itemized deductions come tax time. The goal is to lower your taxable income to lower your liability.
Perfect Your Recordkeeping Skills
From receipts to charity donations, it’s essential that you have everything accounted for and in its place. If you don’t have a system under way, now is the time to make one. You don’t want 12 months of receipts and paperwork lying around, and you want to make the most of your deductions. If you’ve moved away from paper copies, scan important documents into your computer.
Find Your Tax Professional
Finally, find your tax accountant who will be helping you during tax season. You don’t want to rush close to tax season or have to settle for someone you don’t enjoy working with. Instead, use this time to choose a professional you trust today so that you can
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