10 Tips to Prepare for the 2014 Tax Season

You can never start getting ready for tax season too early. Since the 2014 tax season is right

around the corner, now is a good time to contact your Orlando tax accountant and make an

appointment so that you can beat the rush. In order to be prepared for your appointment, use

the tips below.

1. Make sure everyone has your current address. If you or your business changed

locations at all this year, make sure everyone has your latest address. You do not want

your taxes to be held up because pertinent documents could not be mailed to you.

2. Start taking inventory. In many cases, inventory can start right now. You can adjust the

numbers as needed, if you are involved in manufacturing or some other business that

involves selling or producing goods, but things like your office equipment can be

documented now and changed later if necessary.

3. Start gathering income statements. Keep in mind that there are a variety of types of

income, including things like forgiven debt. Now is a good time to start going over all

forms of income you have for the year. You may even be able to start tallying in some

areas or just separate different types of income to make it easier on your Orlando

accountants.

4. Have the 'parental rights' discussion. If you have children who live in a different home

than you or you have custody of them, you can start filling out the paper work to make

sure that the eligible parent is able to claim the child with no problems.

5. Review new tax laws. You should be aware of new tax laws every year so that you can

prepare for them before the end of the year. If need be, call your Orlando financial

planner to learn more details about these laws.

6. Take a look at upgrades. If you are a business owner who may show more profit than

you may have realized, now may be the time to upgrade or repair some of your existing

equipment.

7. Would equipment rentals benefit your business? Your Orlando tax accountant will agree

that renting is sometimes better than buying since it is listed as a debt and not an asset.

8. Consider donations for the holidays. The holidays are a great time to make charitable

contributions. Talk with your Orlando financial planner about which avenue might be best

for you to donate this year.

9. Get bonuses ready. Again, this is a great topic for you to share with your Orlando

financial planner, but now is the time to start thinking about end of year bonuses and

how that might adjust your profit/loss statement for the year.

10. Organize your paperwork. Start getting everything together. You will need anything that

proves your income as well as how your income was spent. Though you may not be able

to get all of your paper work together until the year is over, you can at least start listing

what you have now and what you still need to get. This can put you way ahead come

tax time.

For more information visit: http://www.orlandoaccountant.net.