Simplifying Your Taxes

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Simplifying Your Taxes
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• Taxes are something that Im certain only those
  involved in the tax profession enjoy dealing
  with, and even then, Im sure that they get bored
  of the paperwork, endless figures and constantly
  changing tax laws! That said, no matter how
  boring or troublesome we find dealing with our
  taxes to be, we simply cannot ignore them, and if
  we do, we can end up having to pay costly fines.
  There are a few ways that you can minimize the
  stress involved at tax time though even if you
  hand your paperwork over to a tax professional
  each year, there are still ways that you can
  simplify the process, and heres how

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• Be organized
• If youre not a paperwork kind of person,
  unfortunately youll need to change that if
  youre ever to keep on top of your taxes and be
  sure to file on time. Keeping your paperwork,
  receipts, invoices, charitable donations, W2 and
  1099 forms, and other important information
  organised and somewhere that you can easily find
  it, is essential if youre filing taxes yourself
  or using a tax professional. Dont toss things
  aside or stick them in the back of a drawer,
  force yourself to be organized and the little
  extra time you spend devoted to that will pay
  dividends in the long term.

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• Set up a calendar
• If your taxes are likely to be made up of
  business expenses, tip income, household employer
  payments or other tax circumstances that are not
  relevant to a W2 form, then it might be wise to
  mark your calendar with dates that are important
  to your taxes, such as quarterly filings that
  way youll be less likely to miss a deadline and
  get behind with payments.
• Leave it to the professionals
• As with spending a little extra time to organize
  your paperwork, spending a little

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• extra cash to ensure that your taxes are filed
  correctly and on time, should see you reaping the
  rewards when your deductions are calculated. Not
  only that, but since tax professionals are aware
  of all deadlines and keep abreast of changes to
  tax laws, both state and federal, they will
  prompt you when your paperwork is due and will
  ensure that you are tax law compliant every step
  of the way.
• Use tax calculating software
• Using software is a great idea for those who want
  to keep on top of their taxes and even find out
  where you stand before your taxes are due, but of
  course software is only ever beneficial if youre
  feeding it the information it requires.

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• Forgetting or not bothering to input the right
  data and often enough, will naturally mean that
  you begin to fall behind and become disorganized,
  and as software relies entirely upon you for it
  to work, you must be organized to get the full
  benefit from it.
• Turn in your medical receipts
• Many FSA or Flexible Spending Accounts allow you
  to claim medical expenses against the previous
  years account and will often give you until
  March 15th to do so. So, if you have an unused
  balance from the previous year, be sure to turn
  your receipts in.

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• Unless you happen to enjoy making life harder for
  yourself when it comes to your taxes, the best
  advice anyone can ever give you is to use the
  services of a registered tax professional. In
  doing so you instantly alleviate all stress
  related to filing, and for the money that it will
  cost you, it will be worth every cent to stay on
  the right side of the IRS and pay as little in
  taxes as you are legally required to.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami, Heyer Associates
  would be a right option.