Avoid the Stress of Last-Minute Income Tax Preparation

You can avoid the stress of last-minute tax preparation stress by dedicating time early each new year to organize your tax documents. Create a paper and electronic file. You made need both as some paperwork may be hard copy and some you can save electronically. Here are some steps to help you work through organizing your process. Each step takes just a few minutes so by the time you are ready to file you will have what you need organized.

1. Make a checklist of what you will be expected to have by the time you file. (There are different distribution timelines for banks, investment companies etc.)
2. Begin to watch for statements to arrive online or in the mail and file them. Most institutions will let you know by email or on their website when to expect your statements.
3. Contact your financial advisor or tax advisor to discuss any tax-reduction options you may be able to take advantage of for the tax year.
4. Once you receive all statements you need you can schedule your tax appointment or begin your taxes yourself.

Additional Tips: File electronically and have your refund or payment completed electronically, it will speed up the full circle process. If you are receiving a refund, you may get it quickly by using the electronic method. If you need to pay you are not required to pay until the tax deadline date. Most importantly, keep this article for next year! For more information and tips see: IRS tax tips

Keith Stein | 4/11/2024

You may also like