As the calendar flips nears the end December and a new year approaches, another tax reporting time period officially comes to a close. As individuals prepare for personal, business returns or potentially both, the need to gather all important documents and qualifying paperwork to make filing a smooth process begins. If you’ve been diligent throughout the year then this won’t require too much work but if not, then putting everything together could take a little more time. If you find yourself falling into the second category, then now is the time to begin preparations for doing a better job of keeping things straight in the new year.
While some items will not be made available until after this year concludes, gathering the forms you need to file your taxes is a great first step in the process. In addition, checking to make sure that all necessary forms are accounted for or seeing when they should be expected can help to relieve some of the stress associated with tax filing. In order to make sure you get off to a great start in the new year, consider these tips as you prepare to file your taxes in Denver
Organization is key. Instead of having to file through numerous papers in order to find specifically what you are looking for, consider a filing system to help. Keeping receipts, purchases, anything business related, mileage, and anything else tax relevant separated can help save valuable time at the end of a year.
Definitely for businesses and potentially for individuals, keeping up with monthly bank statements can help to not only track your expenses throughout the year but also monitor finances and cross-check to ensure everything is accounted for in the end.
Quarterly Estimate Totals
If making estimated tax payments applies to you then knowing exactly how much you have paid in throughout the year is critical when filing your tax paperwork. Having canceled checks or bank statements available as back-up can also be beneficial should any discrepancies be located during the filing process.
Qualifying Tax Purchases/Sales
Big purchases or sales that have the potential to impact your taxes (i.e. real estate, land, etc.) should be kept separate from everyday expenses. For these items, knowing the sale price and potentially purchase price when acquired may be necessary.
If you are in search of support for any individual tax issues or business filings then let the tax and experts at Bloch Rothman and Associates assist you or your business today. In addition to providing personal and effective care, they also handle multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!