A new year is here, and with it comes another tax season. Many people prefer to wait until the last minute to file in order to put off the aggravation, but it shouldn’t be that way. Even though W-2s and 1099s aren’t in the mail yet, there is no reason to not get everything in order now. Being prepared for taxes saves time, making the process go smoothly when filling everything out.
Take the time now to locate all of the financial paperwork that has been generated throughout the previous year. Was a home purchased? The interest paid on the mortgage may be enough to utilize Schedule A for a larger deduction. In the event that there were heavy medical bills, those may also be used for Schedule A. Certain renovations to the home may also be used to reduce tax liability. The same goes for childcare costs. What it boils down to is if there was income used for certain things, they can potentially be used for reducing the final amount that taxes are paid on. Getting all of this together now will save time and effort when actually doing the return, and get the return started sooner than later.
Are you in the greater Phoenix area and looking for help with tax season? Contact Phocus Companies today to set up a consultation!
