November 3, 2011First and foremost, we hope everyone had a Happy Halloween. Costumes, cool weather, and loads of candy…what’s better than that? While you may have been concentrated on ghosts, goblins, and more than a few Power Rangers, remember that the end of October means that year-end is coming fast. Very soon you’ll want to begin preparing for tax season to eliminate any possible terror on April 15th.To get you on the road to preparation, here are some useful tips:Don't Procrastinate—While it seems like there is a lot of time before tax season, it creeps up on you quickly. To ensure that you are receiving every eligible credit and deduction, start organizing records now. Waiting until the last minute only works against you and can mean oversight of proper deductions, potentially increasing your tax burden. Begin Reviewing Past Returns—Giving a quick scan of past returns can help you prepare for the upcoming tax season. This exercise will help you identify deductions you may have forgotten about, as well as help you formulate questions to ask your preparer.Get Organized—Start to prepare a folder of important documents, statements, and receipts so you know what to provide your preparer. Being organized is the best way to approach tax season and relieve stress.Don’t Get Too Stressed—This only works against you. Remember, you have a dedicated, trusted professional working for you. And we will do everything we can to make sure your tax season goes smoothly!
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.