Tis the End of the Year well for taxes…

Tis the end of the year for taxes…

Do you know where all of your paperwork is to get your taxes done? Yes, we just got through the holidays and tax season is upon us whether we like it or not.

Here are a few tips to help you prepare:

Pick up a basic monthly accordion file and start filing your receipts by month. I know it is the end of the year but if you take a little bit at a time you can get this organized in time.

Make sure you separate your personal and business receipts.

Medical receipts are important so get those together. You want to show how much you have paid out of pocket-depending upon the percentage this can be a deduction from your income-this is for personal. For business gather up everything-premiums, prescription receipts, co-pays, etc.…

Have last year’s tax returns handy for referencing back just in case there are any questions on how you filed previously. This is especially necessary when changing CPA’s.

Any college bills? You will need 1098-T for yourself or your children.

Mortgage interest, property taxes, closing costs-this can help bring down your income.

If you are not sure bring those receipts with you. Your CPA will tell you what you can deduct. You never know so do not pre-judge. Tax laws are always changing.

Looking for more tips and tricks to help you stay on target? Sign up here to get onto my email list.

Until the next time…

~Lisa