Tax Return Readiness

  • Starting a little early will help ensure that you are prepared—avoiding the all-too-familiar last minute cram session that can cause disruption and stress in your personal and business lives. Starting now means you can pace yourself. Begin with the small stuff:
  • Organize your receipts by category.
  • Make a list of possible deductions to ask your accountant about (e.g., charitable deductions, home office expenses, etc.)
  • Review your withholding and make adjustments for next year
  • Store your current year tax return and supporting documents in a secure location.
  • Establish a central location where everyone in your household can put tax-related records all year long
  • Review Your Paychecks—Make sure your employer is properly withholding and reporting retirement account contributions, health insurance payments, charitable payroll deductions, and other items. These payroll adjustments can make a big difference on your bottom line. Fixing an error on your paycheck now helps you avoid hassles later
  • Prepare to Itemize Deductions—If your expenses typically fall just below the amount to make itemizing advantageous, a bit of planning to bundle deductions into 2012 may pay off. For example, an early or extra mortgage payment, pre-deadline property tax payments, or planned donations could equal some extra tax savings.
  • Tax time preparation: At the end of the year, we create a backup file to send directly to your CPA. The CPA then gives us the adjusting entries for the year-end and we update your file.