Whether you are running a business or you are just a standard employee that works a 40 hour week you need to know what to do about filing taxes. Each person that is making money in this country is required to pay their fair share of taxes. This is something that can become stressful for many people because they are not aware of what it takes to do your taxes. The great thing is that there are many experts out there that have the time and the knowledge to ensure that your taxes are done right. There are many people that are not sure if they would be required to pay taxes or if they will be given a refund. That is why many people choose to wait to file their taxes until the end of the allowed time but that is not the best option. Whether you think you have to pay or not there are lots of things that you will benefit from when you take care of the taxes early. Mark Dicus & Company outlines why it can be a good idea to prepare for taxes early.
Tax Preparation; Collect Documents & Records Needed
When you are done filing taxes you think that you have a year before you have to worry about them again. The problem is that it is not the truth if you want to be as prepared as possible,. You should start in January by collecting what you need to use to file your taxes. This might be receipts, charges, bills and other income that you are getting. You want to be sure that you don’t wait to the end of the year to start collecting these documents and records. This will avoid a last minute hunt for paperwork. The benefit is that you will have all the paperwork you need in one spot and you will have the ability to give them to your tax accountant.
Benefit from Tax Breaks
You should be in contact with your accountant throughout the year. The reason is that through a year there are things that could change about who you are and what you are making. You want to make sure that you check in so that they are aware of your situation and that they can look for tax breaks that you might use. They need to make sure they know what tax breaks to look into and which ones may be used in your filing.
Identity Theft Protection
There are always people out there that are looking to find easy money. One of the ways they are doing that is to use your information and file taxes using their banking info. Then when you get a refund they take it and you are none the wiser. The IRS has said that the best thing you can do to protect yourself is to make sure that you file as soon as possible. The IRS will only alert if a second file is done using your information. Even if you owe money you are able to file an extension to give you more time to pay.
Tax Preparation, Filing & More in Everett, Bellevue, Kirkland, Renton, Kent, Tacoma & Seattle, Washington
Filing early doesn’t necessarily mean you will receive your refund any sooner but there are other benefits including those listed above. Mark Dicus & Company can make sure that your taxes are ready to file properly. Call us today!