It is always a good idea to be ahead of a deadline— especially when doing so can save you time and resources later on. Preparing your taxes can be done as early as possible to ensure you have done everything appropriately. Save yourself (or your business) the hassle of rushing things just to beat the deadline.
So, how can you prepare ahead? It is important to get your profile sorted before starting to get into the details. For example, the IRS classifies taxpayers into five filing statuses: single, head of household, married filing jointly, married filing individually, and a qualifying widow/widower with dependent child or children. Tax requirements depend on your status and you may benefit from credits or deductions based on your eligibility.
Ensure that your name and address are updated with the IRS. While DIY filing is possible, you may want to evaluate if you have the resources to do it or seek the help of an expert.
We are here to provide a variety of accounting & bookkeeping services for your needs.
Damawa Tax & Accounting Services, LLC continues to deliver financial management in Whitehall, Ohio. If you are interested in best practices for the tax season, read our article at https://www.damawatax.com/the-best-practices-for-smbs-for-tax-season.