10 tips to prepare for the 2014 tax season

Download 10 tips to prepare for the 2014 tax season

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Preparing for tax time can be stressful and extremely frustrating. It is important if you have a complicated tax situation that you contact a tax professional to ensure that you are doing everything that you should to minimize your taxes but still stay within the letter of the law. With the tax laws changing each year, an accountant may be your best tool to handle all of your tax needs.

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10 Tips to Prepare for the 2014 Tax SeasonYou 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.