3 Things You Should Do Before You Prepare Your Taxes

Income Tax Preparation Pembroke Pines

Did you know that over 80 million American taxpayers hire a professional to help them complete and submit their tax returns? Even if you decide to use paid professionals to prepare your tax return, you’ll have to gather and organize your documents well before tax time. When it comes to income tax preparation in Pembroke Pines, the earlier you start doing some of the advanced work yourself, the better.

Income Tax Preparation Pembroke Pines

What You Can Do Before You Prepare Your Taxes

Choose a Tax Preparer

It’s best to ask your friends for referrals if you’re looking to find someone who’s authorized to prepare federal income tax returns. Don’t hire someone who doesn’t have a Preparer Tax Identification Number (PTIN).

It’s important to note that their fees largely depend on the complexity of your tax return. Be sure to steer clear of firms that take a percentage of your refund. You can check out the IRS website for tips for choosing a tax professional.

Set Up an Appointment

If you intend to complete your tax return sooner rather than later, be sure to meet with your tax preparer as soon as possible. Waiting too long to schedule an appointment with them will lower your chances of getting your much-anticipated refund before the filing deadline. What’s more, you’ll also miss out on opportunities to reduce your tax bill including making a deductible contribution to a health savings account or an IRA.

Gather Your Documents and Round Up Your Receipts

Your employer, brokerage firms, banks, and other parties with whom you do business should provide you with the tax documents you need by the end of January. Once you’ve received these forms, be sure to check if the information matches your records.

If you choose to itemize your deductions, you’ll have to round up your receipts and choose the ones that produce a big write-off. Add up these itemized deductions to see if the total number exceeds your standard deduction.

Income Tax Preparation Pembroke Pines

Need Help With Income Tax Preparation in Pembroke Pines?

Our team of experts at Tax CPA 1 has been protecting our client’s money while helping them save thousands of dollars on their taxes. If you have questions or concerns, contact us today.