This is my first real blog post. The 2016 tax season is almost upon us in full force, so there won’t be much time to post to here, but I want to get this blog started.
My first piece of free tax advice that I hope will be the first of many posts to come:
If you have all or most of your tax records now and are ready to start having your annual return prepared, now – and I mean right now – is the time to get these records to your tax professional. Chances are that he or she will be able to prepare it in a very short time and get it filed quickly, because few if any of their clients have all the necessary records ready for them, or choose to procrastinate because they know it’s unlikely they are receiving a refund and don’t want to face the unpleasantness of knowing they have a tax bill to pay. Tax bill or no tax bill to face, 2015 is over and your situation for last year cannot be changed, and if you do owe money, waiting until April will not change that. It’s better to know ahead of time what you will owe (or the refund you will get) on your 2015 taxes so you have more time to plan accordingly. Even if you don’t have all of your necessary tax records now, if you have most of them, your tax professional can at least begin entering what you do give to them and your taxes will get finished that much sooner when you have the rest of the records.
Thanks for taking the time to read this! Comments are always welcomed. Until next time…