This post has been sponsored by Block Advisors.
Tax season is quickly coming to a close. Most people have already filed their tax returns, but if you haven’t yet, you better get moving. After you file your tax return, it’s easy to want to completely ignore your taxes until next tax season, but you’d be doing yourself a huge disservice.
Keep Your Records Organized
One way to stay ahead of the game with your taxes is to keep your records organized throughout the year. I know I’ve personally had to scramble at the last minute to find a few missing receipts or other tax items when I didn’t stay organized throughout the year.
By staying organized, you won’t have a heart attack when you can’t find the receipt for that expensive purchase you know you made for your business.
Staying prepared can be as easy as putting everything you may need for next year’s tax return in a shoe box. Of course, your tax advisor would probably prefer that you set up a few different file folders to keep your records a bit more organized.
The more organized you are now, the less time you have to spend organizing later. Additionally, keeping your files organized will help your tax advisor prepare your return faster which may result in a lower fee.
Alert Your Tax Advisor Of Any Changes
Another way to make sure you’re keeping up with your taxes throughout the year is to watch out for major changes in your tax situation. If you’ve had a large change in your income, either from a parent staying at home or getting a large raise at work, it’s important to get in touch with your tax advisor and let them know about these changes.
If you do, your tax advisor can help you figure out what changes you need to make to either your tax withholding or your estimated tax payments to make sure you don’t either owe money or get a huge refund at the end of the year.
Similarly, it makes sense to consult your tax advisor before making any big changes that may affect your taxes that you can control. One major change could be selling your home. If you contact your advisor after you make a change, you may not be able to make the change in the most tax efficient manner.
However, if you contact your tax advisor in advance, they may be able to help you structure the change in a way that allows you to pay less money in taxes.
Even if you didn’t file your taxes with a tax advisor this year, it makes sense to start a relationship with a tax advisor before next year’s tax season starts up.
By getting in touch with a tax advisor now instead of during the next tax season, your tax advisor can get a better feel of your financial situation and give you some tips on how you can change your financial situation to lower the amount of taxes you may have to pay.
Find Your Tax Advisor
If you want to have your own tax advisor that is available throughout the year to help you with your tax situation, you may want to consider contacting Block Advisors. Block Advisors has more than 280 offices across the United States so there is likely one near you.
Find your local Block Advisors office today.