What can you do to prepare for tax season?

With the start of a new year just around the corner, it's important to start planning for your taxes. While taxes aren't due until mid-April, it's a good idea to begin planning for taxation now.

Knowing what you'll owe, paying taxes quarterly and preparing for taxation ahead of time can help you be better prepared and organized when tax time finally comes.

What are some basic tips to help you plan for taxes better?

The first tip is to make sure you have a good filing system. There is no way to remember every purchase you've made for your business, and you're even less likely to know the amounts you paid. Start a filing system, and keep all your receipts.

Next, get to know the tax requirements. Know what the IRS deductions and credits are, so you know if you'll qualify for them. For instance, if you're an independent contractor but go to school, you might be able to claim a credit for being in school or use your loan's interest as a deduction.

Another great idea is to use your retirement account as a way to reduce your tax liability. You can avoid paying tax on interest if you do this, which is helpful in reducing your overall tax burden.

If this is the first time you've done your taxes, consider working with your attorney and accountant, so you can make sure they're done right. You don't want to miss important credits, deductions or requirements. If you do, you might have to resubmit documents and edit your return, which creates more hassle for you.

No Comments

Leave a comment
Comment Information
Get my free consultation

How can we help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

The Hurley Law Firm

Starr Law Firm, P.C.
3108 Midway Road
Suite 101
Plano, TX 75093

Phone: 469-331-6388
Fax: 972-767-4932
Map & Directions
Plano Law Office Map