The Time Is Now: 2020 Tax Preparation

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Last year you promised yourself you would be ready this time.

You brought a folder to organize your records monthly and stored all your receipts in one place.

But something went wrong during the course of the year and you lost track of your receipts and you don’t feel a bit more organized than the year before.

Well, this month is a great time to meet with your tax advisor and get things back on track.

Now is the time to start preparing for you
2020 Income Tax Return.
You can feel the stress of the tax deadline rolling around as you searching through drawers, file cabinets and computer files to find receipts, canceled checks and other documents to piece together your tax records.

Of course, eventually, you find what you are looking for and get the information to your tax preparer. But this haphazard approach can cause you to lose tax related documents and impact your income tax return.

Remember, after December 31st, there is little you can do to reduce the previous year’s tax obligations.

Here are a few tips that could increase your income tax return or save you money by reducing your tax obligation:

• Meet with a tax advisor in October. Bring your tax paperwork and discuss any changes in your finances that might impact your income tax obligation.

• Bring a list of questions to discuss any expenses that you believe may impact your taxes.

• Review your tax strategy to ensure you are claiming the maximum benefits allowed by law.
Keep in mind that the tax code is constantly evolving and so should your tax strategy.

Remember putting in a little extra effort to get organized will pay huge dividends when the tax season finally does arrive.



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