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Tips to prepare for tax time

Updated: Dec 29, 2023

Tax season can be stressful, but with some preparation, we can file your return smoothly and potentially even snag yourself a refund! Here's a guide to get you ready:


Gather your documents:


  • Income: W-2s, 1099s, bank statements for interest/dividends, rental income forms, self-employment income records.

  • Deductions and credits: Receipts for medical expenses, charitable donations, education expenses, childcare costs, mortgage interest, etc. If you can provide totals for these and just keep the source documents with your tax papers, that will save you money on preparation fees.

  • Prior year tax returns: For reference and to avoid errors and property account for any carryovers (new clients only).


Organize your documents:


  • Create a system: Use folders, binders, or digital organizers to categorize your documents. I love Google Sheets!


  • Label everything clearly: Make it easy to find what you need later.


  • Scan important documents: Create digital copies for backup and easy access when it's time to upload to the secure portal.


Review deadlines:

  • Federal tax filing deadline: April 15th (October 15th if filing an extension).

  • State tax deadlines: Vary by state. Oregon follows federal due dates.


Additional tips:

  • Start early: Don't wait until the last minute to gather and upload  your documents.

  • File electronically: This is faster and less prone to errors than paper filing.

  • Pay electronically: Avoid late fees and penalties by paying electronically through the IRS website.

  • Review your return carefully: Double-check all numbers and information before signing your return.

  • Don't hesitate to ask: If you're unsure about anything, we are here to help!


Resources:


Remember, the key to a smooth tax season is preparation. By following these tips and staying organized, we can file your return efficiently and potentially even maximize your refund.


I hope this helps! Feel free to ask if you have any further questions about specific aspects of getting ready for tax time.


This post was generated using Bard AI, modified and edited slightly by Shay Bachelder


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