5 Tax Tips for Early Bookkeeping Preparation
Earlier is better when it comes to working on your bookkeeping records.
The IRS encourages everyone to get a head start on bookkeeping tax preparation.
Not only do you avoid the last-minute rush, early filers also get a faster refund.
So, why not budget your time for bookkeeping the same way you do for running errands? Most people do not realize that by spending ten minutes – Yes, only ten minutes a night on their bookkeeping, that they can be ready on time – Yes, even early – for their tax prep appointment with their accountant at the end of the year.
These are five easy ways to get a good jump on your bookkeeping for your taxes long before tax deadlines roll around.
5 E A S Y Bookkeeping Tax Tips:
1. Gather Your Bookkeeping Records In Advance
- Make sure you have all the records you need, including W-2’s and 1099’s.
- Don’t forget to save a copy for your files.
2. Get The Right Forms
- They’re available around the clock on IRS.gov in the Forms and Publications section.
3. Take Your Time
- Don’t forget to leave room for a coffee break when filling out your tax return.
- Rushing can mean making a mistake — and that can be expensive!
4. Double Check Your Math & Social Security Number
- These are one of the most common errors on tax returns.
- Taking care on these reduces your chances of hearing from the IRS.
5. Get The Fastest Refund
- When you file early, you get your refund faster.
- Using e-filing with direct deposit gets you a refund in half the time as paper filing.