Tax time is right around the corner and for a lot of us that means meeting with a tax preparer. Sure, you can do your taxes yourself, but sometimes it pays to have a little advice and direction.
Keep in mind that, even though you’re using a professional, an accurate return still depends on good communication and organization from you.
A good tax preparer is going to ask you lots of questions. You need to be prepared to have the answers. The IRS already knows how much you make. The important questions regard your investments and spending. This is where your deductions, exemptions, and credits come from.
Some of the things that might be deductible include medical expenses, business expenses, charitable expenses, and interest paid, to name just a few.
Once you are aware of what’s a possible deduction, start saving the receipts. If you’re not sure whether it’s deductible, keep the receipt anyway. That’s where your tax preparer comes in.
Tax time doesn’t have to be a headache. Think ahead and be prepared for your tax advisor. You never know where a deduction might be waiting.