Tax Preparation

Tax Preparation by Rock Credit Repair and Business Services
Tax Preparation by Rock Credit Repair and Business Services
Tax Preparation by Rock Credit Repair and Business Services

Tax Preparation

Tax Preparation season is, for many, an incredibly stressful time of year. So much documentation is needed, there are so many forms to print out, and it’s all on a deadline! The holiday season takes every bit of time and energy beforehand, and then suddenly it’s Tax Time. What if it didn’t have to be so hectic?

Files of Files

The most important thing you can do to set up for tax season is keep your records through the year. Instead of doing all the work in a mad springtime dash, you can do just a little work at a time year-round and save yourself a good deal of trouble. To do that, you need an organization system!

First, set up with a large accordion folder or file cabinet. Make sure there’s plenty of space, as you’ll fill this with files and documents galore! Within that, make sure you have separate files for your return itself (plus supporting documents), income documents, charitable donations, all medical expenses, itemized deductions (property tax statements, mortgage interest, etc.), business expenses including mileage logs (separate files for each business), education expenses, and miscellaneous receipts. Add to these files throughout the year as necessary. If you’re not sure if you will need something come tax time, throw it in that miscellaneous folder!

Keep Your Identity Close

Tax season is the perfect time for scammers to do their work. One of the most important things you can do to protect yourself this spring is to keep your identity your own! Scammers will call, text, email, even post on your social medias to try to get your personal information. Keep in mind that the IRS will ALWAYS begin communications with taxpayers via mailed letter, so you should NEVER share your SSN or other tax information with someone who tries to contact you any other way.

Ask Questions!

If you run into something you aren’t sure about, the safest bet is to seek resources! The IRS has an Interactive Tax Assistant tool that can answer many questions. If you are still unsure, take it to a professional. Legitimate tax preparers will have a PTIN (Preparer Tax Identification Number), and you can ask to be sure! They will also be listed in the IRS’s database of approved preparers. It’s very important to be comfortable with your tax professional and how they do business. Remember, you always have the right to ask how your information will be handled! If you feel uncomfortable with the practices of any tax preparation specialist, you can (and should!) take your information elsewhere.

Contact us today for a free consultation! We are happy to be of assistance on your way to financial literacy, safety, and success.

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