Now is the time of year when people begin to think about peace, generosity‹and taxes? While it may seem to be much too early to worry about filing your tax return, the end of the year is a great time to get your records in order and take other steps that will minimize the hassles when tax time does roll around. It’s also often your last chance to take advantage of deductions or other tax-saving opportunities for the year. The Oklahoma Society of Certified Public Accountants provides this advice on getting a head start:
Set your records straight
No matter what tax laws may affect you, it’s always important to approach your tax return preparation with clear and complete records of your income and relevant expenses for the past year. That means getting your receipts and document out of the shoeboxes and organized. Having comprehensive documentation can ensure that your return is accurate and that you are able to take all the deductions or credits for which you qualify. It can also make it easier for your CPA to offer tax planning advice that can help you minimize your taxes now and in the future.