Tips for Filing a Seamless Tax Return

The US tax deadline has been extended to July 15th, and if you haven’t filed your taxes yet, you’ll want to do so sooner than later. If you’re among those who hasn’t yet set up an appointment for tax return services, below are just a few ways you can get yourself organized.

Gather your documents

One of the most important things you need to do in advance of a tax prep appointment is to gather all of your documents. This includes things such as W-2s and 1099s, but if you’re planning on taking deductions for things such as student loan or mortgage interest, you’ll also need to track down you 1098 forms.

If you’re going to ask your accountant to itemize your deductions on a form Schedule C, you’ll want to gather (and organize) all your receipts and supporting documents.  Although you could show up at your tax appointment with a shoe-box full of receipts, going through each one with your accountant is going to take lots and lots of time. Instead, it’s recommended you take some time and input your receipts into an excel spreadsheet. The spreadsheet doesn’t need to be complicated or fancy, but instead, it’s a way for you to organize your deductions.

For example, you can start by creating columns for the year (2019), reason for the expense (ie: work travel), and add additional columns for things such as airfare, hotel, parking, meals, gas, mileage, home office equipment and others. As you start to create rows, add one for each month of the year. For instance, if you traveled for work in February, in that row (and the corresponding column), you’d add what you spent on airfare and hotel expenses, meals, parking and miscellaneous transportation, such as cabs and ride share. Not only will this save your accountant an enormous amount of time, getting organized in advance of your appointment will help ensure that you don’t have any deductions that are inadvertently forgotten.

Choose the Right Accounting Firm

If you search for an accountant online, you’ll likely get pages upon pages of results. However, you’ll want to remember that not all accounting services are created alike. You’ll want to choose the firm that’s best for you, based on what you need.

Hughes, Snell & Co. has been providing our clients with comprehensive financial services since 1974. Our team of seasoned professionals is committed to providing all our clients with all of their tax preparation needs. From simple returns to complex filings, we’re happy to help guide you. For more information on our company, or to set up an appointment, call us today at 239-939-2233 to get started.