Are you experiencing deja vu when we mention filing your taxes? We know it feels like you just got done filing last year’s taxes, but next year’s tax season will be here before we know it. We realize that tax season can be stressful for many, which is why AA Tax & Accounting Services, LLC has compiled a list of helpful tips to prepare you for next year’s tax season.
To help alleviate some of the stress that comes with tax season, you can get ahead by taking on small tasks now to minimize the heavy lifting down the line. With our help, you can seamlessly navigate everything from tax credits and side hustle income, ensuring you maximize your tax return. Follow these tips for getting organized ahead of tax season so you can confidently prepare yourself for filing your tax return.
Have questions about the upcoming tax year? Turn to the trusted team at AA Tax & Accounting Services, who are happy to answer any questions you may have.
Tax Planning Strategies
Filing taxes can be complicated and stressful, but it doesn’t have to be. If you find yourself Googling questions like “Will I pay more taxes in 2022?” or “How do I prepare my taxes for 2022?” you’ve come to the right place. Use these tax planning strategies to help get ahead, so you don’t need to worry come tax season.
Perform Quarterly Tax Checks
A big reason filing taxes can seem daunting is that you may not look at your finances unless it is tax season. If the last time you looked at anything tax-related was a year ago, it’s time to change things! Instead, you should be taking time to review your finances regularly — quarterly is an excellent frequency to check-in.
By performing a quarterly or mid-year tax check, you can gauge how things are shaking out financially and make changes before you get to tax season. This allows you to make strategic decisions that may help save you money in the long run. If you aren’t sure where to get started with a quarterly tax check, a certified public accountant can help you get everything organized and keep a pulse on what’s going on.
Organize Tax Documents
To avoid running around your home frantically looking for important tax documents the day before tax returns are due, it is beneficial to have an organizational system in place. Filing your taxes requires you to keep track of several documents, ranging from a Form W-2 to a Form 1099. To ensure you can find everything you need come tax season, we recommend organizing a filing system to know where everything is when you need it.
This can be a physical filing cabinet where you store physical copies of your tax documents or a digital version stored (and backed up) on your computer.
Make Quarterly Estimated Tax Payments
If you bring in any additional income through a side hustle, you must pay taxes to the Internal Revenue Service. To avoid penalties, you must pay your taxes at regular intervals throughout the year. These estimated payments quarterly should be paid by the following deadlines:
- April 15 of the current year
- June 15 of the current year
- September 15 of the current year
- January 15 of the next year
Budgeting for income and self-employment tax will provide peace of mind knowing that you’re prepared for tax season and won’t be hit with an expensive tax bill — you may even get a refund.
Tax Consulting Services in Cedar City, Utah
From one-time tax consulting services to ongoing consulting services, our tax consultants work with clients as their tax advisors and preparers, ensuring that your tax team understands your taxes backward and forwards.
With our tax consulting services, you can have peace of mind knowing that our team has the experience to provide you with the most effective strategies for maximizing deductions and tax credits.
The AA Tax & Accounting Services team can help you execute the right tax strategies that will make filing your taxes more streamlined. Contact us to schedule an appointment.