4 Tips to Get Ready for Tax Season

It’s that time of year again: with only a couple of weeks until April 15, tax season is upon us. Hopefully you’ve been keeping careful track of your documents throughout the previous year and have everything ready to go. Here are some tips to make things easier, both now, and for next year.

1. Clean Out Old Paperwork: According to the IRS, you should keep tax records for tax refunds for three years, and tax records for business losses for seven. Go through your files, clear out your old documents, and shred them to free up some space.

2. Gather Your Paperwork: As documents come in the mail, or as you print them off from online records, put them in a centralized folder. Then nothing will get left behind when the time comes to hand them over to your accountant or work through them yourself.

3. Create a 2015 Tax Folder: If you itemize expenses for a home business or for any other reason, create a folder for the coming year’s documents. This is a good place to store documents like filled Auto Mileage Logs and other important receipts.

4. Stay Ahead of the Curve: Whether you’re expecting a refund or paying Uncle Sam, it’s better to stay ahead of the April 15 deadline. Contact your accountant today, or set down a time for preparing your taxes in your planner. When it comes to taxes, procrastination can cost you.