The 2018 Tax season has come and gone. By now you’ve probably already forgotten about them. However, if you want to get ahead on next year’s taxes, now is the perfect time to start. The more prepared you are, the easier tax filing will be.
It may seem a little early to start thinking about your 2018 taxes, but the sooner you get started the better. So what can you do right now? There are several ways to get ahead.
And by taking these simple steps you could relieve yourself of a lot of headaches come 2019.
Start by reviewing what happened this year. How did things go? Were there mistakes that could have been corrected? What would you have changed if you could go back and do your 2017 taxes again? Now apply all that to next year’s tax filing season. It’s not a bad idea to look at other previous returns as well.
Now is a good time to get organized. Create files and folders to gather, track, and store important documents and receipts. Having these ready now for next year will save you a lot of time and trouble.
Is now a good time to change your W-4 withholding status? If you had any changes in your family status then consider changing your withholding.
Now is a good time to make sure you understand the tax rules that apply to your situation. This is especially true if you’re self-employed.
Lastly, consider using a professional. If your taxes have become overly complicated and using a professional would make sense, then now might be a good time to start looking for a good accounting firm.
Taxes don’t have to be a nightmare. A little extra preparation now can go a long ways next year.
The post Use These Helpful Tips Now to Make Next Year’s Taxes Easier first appeared on Advisors to the Ultra-Affluent – Groco.