Have you made an appointment with your accountant for your annual tax preparation session? If not, now is the time to get it on your calendar. This and other tax planning tips can help you get ahead financially this year. The team at Bergamo Tax & Financial Solutions have provided expert accounting services to the Watertown, Connecticut, community for years. Below they’ve outlined tax preparation advice you can use this tax season. 

5 Tax Preparation Tips to Help You This Tax Season

1. File Early

The term early birds catch the worm is true with filing your taxes well before the April 15^th deadline. Additionally, if you file early, you can avoid experiencing any hiccups in the online system and catch any filing errors before your taxes are due. 

2. Prepare All Necessary Documents

Do yourself a favor by preparing all necessary documents to take to your accountant. This includes any W-2 forms, as well as all records of income for the tax year. If you’ve taken any distributions from qualified accounts, bring those along. Also, any tax documentation, including deductions for medical, mortgage, or child care should be included. 

3. Set Up Online Filing & Direct Deposit

The new system of filing online makes getting your tax return easier. Go through this process with your tax planning specialist who will keep your data on file for easier preparation the next time around. By filing online and using direct deposit, you  can pay taxes through a simple online system, as well as receive funds into your bank account versus a physical check being mailed by the IRS. 

4. Be on the Lookout for Tax Scams

Tax scams are abundant around this time of year. If you receive unusual calls, emails, or texts, call law enforcement immediately. For instance, a tax scam caller might say you need to make a large payment to the IRS right away or you will be jailed. Know that this is not how the IRS works. At the first sign of unusual activity, take action to report the origination of the fraud to government officials.

5. Work With a Professional Accountant

By working with a professional tax preparation specialist, you take the headache out of figuring out how to file your taxes the right way the first time. Avoid filing mistakes, which are costly and can affect your return, by working with a professional. Also, if you happen to be audited, most tax preparation professionals will help you go through the auditing process. 

If you’re dreading filing your taxes, getting ahead of the deadline can put your fears to rest. Speaking with a qualified tax professional can help you assess your tax goals for the following year. Bergamo Tax & Financial Solutions’ qualified team is available to assist you with any tax preparation needs and other accounting services. Call them today at (860) 274-1655, or visit the website for more information.