3 Simple Tips For Preparing For Tax Time

Yes, it may not even be Christmas yet, but there is no better time than now to start thinking about preparing your taxes. Whether you have an accountant or if you do your own taxes at home, you need to prepare ahead of time.

Here are three tips that can help prepare your for the upcoming tax season:

1. Folders - Every fall, you should pick up several folders in the school supplies section, as you can get them extremely cheap. What do you need folders for? Well, that’s simple, you can store your receipts, especially for any energy saver appliances or electronics, as you can get a refund on certain ones. Plus, if you work from home, you'll need the receipts on anything related to your work. For example - a laptop, printer, paper, ink and even a coffeemaker.
2. Tax Software - I'm sure you seen the tax softwares advertise on television or you have seen a popup ad on the internet. There are a few free versions or freeware on the internet, but I would advise against using these, as they can be full of malware and other viruses. You are best off buying a tax software for professional use at a department or retail store. If you do buy a software online, make sure it is from a trusted website.
3. Adding Machine - No, adding machines are extinct quite yet, as almost every accountant owns one. I'm sure many people use the calculator on your laptop or smartphone, but computers can sometimes make errors. I recommend double checking everything on an adding machine!

If you are new to doing your own taxes or if you have started your own business, for example - selling items on eBay, and you don't quite know what specific forms to use, then I would advise you to find out more information by contacting your account or even the IRS website.