5 Tips for Year Round Tax Prep & Planning

5 Tips for Year-Round Tax Prep & Planning

If you are anything like me, you might struggle (a little) when it comes to taxes each year. I always feel unorganized no matter what I do. This past year when New Year’s Day rolled around, I spent time watching DIY shows and developing a system to get organized for taxes. Here are some tips that worked for me.

1. Know your deductions.

This is key to figuring out at the beginning of the year so you know what you can expense as part of your business and what is not deductible. Knowing my deductions has been crucial to my success during the year.

2. Designate a space.

If you haven’t already done this, do it right now. Absolutely everything that has to do with money and taxes should be filed away.

3. Do a monthly check.

We talk to our accountant every quarter and she encouraged that we do a monthly check. I make certain that we are right where we should be with regards to paying quarterly taxes and more.

We also save in an HSA so I check that monthly to make certain we are spending it as needed and that we don’t have a huge amount left at the end of each year.

4. Invest as much as you can.

Those IRA’s that you can put money in every year…are you doing that? We just recently started taking the maximum deductions that we can each year but putting money into retirement account.

5. Gather statements each month, check and file for taxes.

Each month I grab my bank statements plus all other statements and highlight deductible expenses which includes:

• School or educational expenses
• Self employment expenses
• Medical expenses
• Interest expenses

While doing all of these things above certainly does not completely prepare me to have my taxes done, I have to tell you that it really does make everything much simpler. It took me less than 20 minutes to gather everything that I needed to have our taxes filed.

Block Advisors is Your Dedicated Tax Partner

Did you know that Block Advisors is your year-round dedicated tax partner, offering both tax preparation and tax planning experience?

We all know that tax preparation is not one-size-fits-all. For some of us, taxes are not a one-day-a-year event and if I waited until once a year to work on taxes, I could be losing out on valuable deductions.

How Block Advisors Can Help

Block Advisors delivers specialized and personal tax planning and preparation. Their advisors are available year-round to answer questions and meet with you when you need it.

If you run a small business (just like me), then Block Advisors can provide your back-end needs including payroll, bookkeeping and more to serve all of your tax and accounting needs.

What to Expect at Block Advisors

Experience: Make an appointment to meet in a contemporary, private office with a trusted tax advisor; that’s the beginning of what will be a long-term relationship.

Results: Devotion to clients – they stand by their work.

Support: Year-round, consider a Tax Advisor your personal partner. They are there to answer questions and plan for the future

Find an Office Near You

Think of Block Advisors as your hometown tax advisor because they offer more than 280 Block Advisors offices across the country.

Get Social with Block Advisors

Visit the website for more tips and to schedule an appointment.

Tweet with Block on Twitter – @Blockadvisors