Looking Ahead: Why Now Can Be the Best Time to Prepare for Next Year’s Taxes

Posted by & filed under Uncategorized .

For many people, filing taxes is a chore they’d rather not do. In fact, according to research, more than half of all Americans report they do not like doing their taxes. While we all stop thinking about our taxes as soon as they’ve been filed, this is actually the perfect time to start planning for next year. In fact, filing taxes is an ongoing process that requires year-round attention.

At Brennan and Company CPA, PC, we’re dedicated to making the tax filing process simpler and faster for our clients. To accomplish this, we offer a range of solutions, like business consulting services throughout Philadelphia, and tax filing tips, guidelines, and advice for all our clients. Let’s take a look at a few ways to streamline next year’s filing tasks and reduce the stress typically associated with them.

 

Scrap the Shoebox

If you’re the type of person who keeps their receipts and other paperwork in an old, dilapidated shoebox, it’s time to step up your game. Not only is this an overwhelmingly inefficient way to keep track of and manage your expenses, but it can make your life much more stressful than it needs to be during tax time. Instead, try to make time each week to log them. This can help prevent spending nerve-wracking hours on them as the deadline looms.

 

Mark Your Milestones

Many people do not realize that certain life events can drastically change the amount of taxes they owe. For instance, anything from a change in marital status, the birth of a child, or even purchasing a home can affect your tax situation. When these kinds of events occur during the year, they can require changes to your W-4 Form, so report these changes of circumstances immediately.

 

Get Your Head IN the Clouds

Is your essential tax data stored in a safe place? How can you be sure? If your records are stored on your hard drive or a local server, what happens if disaster strikes and you can’t access these critical documents? Consider backing up your records electronically. In fact, there are currently many options for you to easily and affordably store your files on the cloud. The IRS won’t be sympathetic to your situation if you lose your data, so give yourself a contingency plan in case of emergencies.

By practicing good organizational habits and treating your taxes as an ongoing process instead of a once-a-year chore, then you can set yourself up for success in the coming years and enjoy a straightforward and stress-free tax filing process.

To schedule a consultation for our financial consulting services in Philadelphia, call us today at 215-951-5585.