Every year, money ranks as one of the most stressful parts of life according to the American Psychological Association’s Annual Stress in America survey. So, it’s no surprise that taxes cause a sense of dread and panic for many Americans.
We’re on a mission to lessen that stress, though. We’re providing people and small businesses the resources and help so they file their taxes confidently and with as little anxiety as possible. Read below for three tips to prepare for taxes and contact us if you want expert assistance.
Find an accountant (or reconnect with yours) soon.
Waiting until March or, even worse, April to select an accountant is a very bad idea. By that time, accountants and their teams are hard at work preparing clients’ tax returns. And their calendars are already booked with client appointments to review filings.
If you don’t have an accountant currently, begin interviewing potential ones NOW. And if you do have an accountant, stay in contact with him or her periodically. Having a personal relationship with your accountant helps to keep your needs top of mind.
(We’d love to speak with you If you’re searching for an accountant! Complete the form below to start a conversation.)
Organize your expenses.
The infamous shoebox of receipts won’t cut it. (To be clear, it’s better than nothing! But it’s not optimal.) We suggest organizing bank statements and your receipts for tax-deductible expenses by month. A paper file system will do or use an app to digitize your receipts. For small businesses, most online accounting platforms offer a receipt tracking option.
Monthly organization is key to a less stressful tax filing. Overwhelm is one reason people report dreading taxes. By keeping track of expenses monthly, even dedicating just a few minutes each month, the task isn’t as overwhelming as doing it yearly.
Invest in a web-based accounting platform.
We strongly suggest, especially for small businesses, to use of web-based accounting software like QuickBooks or FreshBooks. To start, you get a clearer picture of your finances throughout the year, helping you make better decisions in most circumstances. Also, most accounting software allow you to give your accountant direct access to reports, which saves you and your accountant time and hassle.
Morgan & Associates Know Taxes
As an accounting firm, we’ve helped hundreds of individuals and small businesses to file and prepare for taxes. We know the tax laws, the deadlines, and the process for filing. Taxes do not have to trigger stress and panic. Let us use our expertise to help you.