Wendell Scott of Rogersville is a tax expert and former CPA who is here to assist you in getting ready for the upcoming tax season. According to Wendell Scott of Rogersville, there are several steps that you should be taking now to be prepared to file taxes in the next few months.
You should be collecting your paperwork and receipts from the year and getting them ready for tax season, says Wendell Scott of Rogersville. If you are filing with deductions, you will need to sort all of your receipts into categories such as medical, home maintenance, and business related expenses. If you are running a home office or home business you should be using a personal financial software system to help you track your expenses throughout the year. As a self-employed person, Wendell Scott of Rogersville recommends that you keep track of all of the 1099s that you will be receiving. If you are an employee at a company, you should be tallying up your paychecks to make sure that it matches the W-2 that you will receive from your employer in January.
If you are expecting several tax forms to come in the mail, it is a good idea to have a large manila envelope with all of the tax forms listed that you are expecting written on the front. According to Wendell Scott of Rogersville, the easiest way to keep track of all of the forms that come in the mail are to check them off and put them in the envelope. Forms that you will probably be receiving in the mail will be interest statements from mortgages and student loans, 1099s, and W-2 forms.
Filing Your Taxes
According to Wendell Scott of Rogersville, you will need to decide if you will be using an accountant, a tax service, or filing taxes on your own. If you will be filing taxes on your own you will want to have some kind of a filing system to keep everything organized. If you are finding it difficult to keep track of all of your tax documents and receipts, now is a good time to design the system that will meet your needs and help save you time in the coming years.
To make tax planning easier in the future, Wendell Scott of Rogersville recommends that you find a place that is easy to store your returns so you can keep this information for seven years. If your filing system was not adequate for your needs, Wendell Scott of Rogersville recommends that this is a good time to look into a new organizational system for your taxes.