{"id":584,"date":"2018-10-12T06:02:49","date_gmt":"2018-10-12T06:02:49","guid":{"rendered":"https:\/\/velan-bookkeeping.com\/blog\/?p=584"},"modified":"2025-12-18T11:52:15","modified_gmt":"2025-12-18T11:52:15","slug":"plan-ahead-make-tax-preparation-easier","status":"publish","type":"post","link":"https:\/\/www.velan-bookkeeping.com\/blog\/plan-ahead-make-tax-preparation-easier\/","title":{"rendered":"Plan Ahead to Make Tax preparation Easier for You"},"content":{"rendered":"

Tax preparation Plan<\/strong><\/h2>\n

Planning, in general smoothens the course along every walk of life. And planning ahead provides the added advantage of forecasting possible scenarios down the road. Many perceive taxes as a once-in-a-year exercise, but it has all the elements of being a year round agenda. To exercise precaution, it is highly recommended that you keep receipts for all expenses and possible tax deductions that you consider claiming. Scanning and electronically filing for better accessibility will come handy for tax preparation services<\/strong><\/a> and audit purposes.<\/p>\n

If given its daily due, taxes can become a lot less daunting than they are generally believed to be. Let\u2019s take a look at few practices that if followed, will help alleviate the burden and reduce the headaches and gray hairs you\u2019ll accumulate come April.<\/p>\n

Adam Spiegel, a Miami-based certified public accountant recommends using the word ‘plan’ as a guiding acronym for the year:<\/p>\n

P: Prepare your records ahead of time.<\/strong>
\nL: List your issues and questions.<\/strong>
\nA: Analyze your financial statements for accuracy.<\/strong>
\nN: Note the changes in laws during the year and discuss them with your tax advisor.<\/strong><\/p>\n

1. Forecast filing status<\/strong><\/h3>\n

Filing status can have a have an impact on how much you owe in taxes each year. It can also determine whether or not you have to file at all. It\u2019s is a healthy habit to forecast if your filing status will change during the course of the year.<\/p>\n

For instance, you may be presently single but with plans of tying the knot by the end of the year. In such a case you may choose between filing a joint or separate return with your future spouse when you file your upcoming taxes.<\/p>\n

Conversely, you may be looking to file as a single taxpayer if an imminent divorce is in order during the year, or you may also file as head of household if you\u2019re single and have a child or are taking on another dependent.<\/p>\n

2. Look Back to Leap Forward<\/strong><\/h3>\n

Now that you would have filed your 2017 tax returns, this would a good time to look back and consider the areas that were the most problematic. This exercise will help tackle similar problems with ease in the coming tax season. Certain problems can be easily circumvented by effecting necessary precaution.<\/p>\n

For instance, if you did your own taxes and hit several dead ends along the way, it\u2019s would sound logical to assign the task to someone experienced. While an in-house tax preparer might be too expensive, options like outsourcing that can be effective and budget friendly.<\/p>\n

3. Familiarize yourself with new tax rules<\/strong><\/h3>\n

It is highly critical to stay abreast with rules that would have an impact upon the taxes. For example, with the implementation of Tax Cuts and Jobs Act that took effect in December 2017 there has been some major changes to the U.S Tax code. These Tax codes could generally mean two things.<\/p>\n