Imagine what it might be like if every single one of your customers, clients or associates needed something really important from you, and they all needed it at exactly the same time. This is a challenge that your accountant faces every April.
Here are some things you can do that will help your accountant and keep your fees to a minimum:
- Get organized. Be sure you have all of your pertinent tax documents ready. Some examples of important tax documents are W-2s, 1099s and K-1s. Amending your return to include that 1099-B or K-1 that arrived a little later than the rest of your documents can end up costing you more than you expected.
- Get organized. You know all of those receipts you’ve been saving? Tally them up! It’s going to cost you more if we have to spend two hours going through your shoebox.
- Get organized. Don’t wait until April to tell your accountant about any significant events or family changes that occurred during the year. Marriage, divorce, a new job, debt forgiven by a creditor and exercising employee stock options are just a few events that can have a notable impact on your tax liability. Planning ahead with your accountant can help you avoid costly surprises.
- Get organized. Schedule your appointment ahead of time! Have reasonable expectations. Calling for an appointment on April 11th will almost certainly guarantee you will need an extension of time to file. Extensions require your accountant to perform additional calculations and to prepare additional forms. Avoid additional tax preparation fees by planning ahead.
Need help getting organized? Call us at 732-739-2632 for a consultation. Our Certified Public Accountants are ready to help. Ask for our free Tax Organizer to help you get started.
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