Important Steps To Take Before You File Your Taxes 

About 85 million people in America pay taxpayers to do their taxes in the United States. If you are one of them, it is important to know that you should not completely rely on your Tax Accountant in Billings, MT. There are duties you must fulfill on your part. For example, make sure to organize your receipts, forms, and documents well before you contact your tax accountant. 

If you are from Montana, you have at your disposal the services of some of the best tax accountants in the country. They can take the burden off your shoulders and complete the process quickly. However, a little preparation on your part can help them move faster. 

Steps to take before filing your taxes.

  • Collect documentation.

By the end of January, you will receive all the tax documents in the mail from your employers as well as your banks. These documents contain various forms such as W-2s for employment income, 1099s for other types of income, investment income statements, etc. Keep them together in a safe place before you start filing.

  • Schedule an appointment.

The sooner you will be able to schedule an appointment with the tax preparer, the more quickly you can finish your returns. Even if you choose to ask for an extension, you should be able to finish your return sooner if you meet with your preparer as soon as possible. 

You will also receive your refund sooner if you are expecting one. You risk missing the filing deadline if you delay making an appointment with a tax preparer for too long. 

  • Organize receipts and records.

Make sure you have organized receipts and records for credits and deductions. This includes receipts from education expenses, medical expenses, charitable donations, etc.

  • Determine which forms you need.

You must first decide the forms you need to file if you are filling out the paperwork on your own. Forms 1040, 1040EZ, and 1040A are the standard forms used for personal income taxation. Also, you will need to include other forms if you are filing them as well. 

  • List your personal information.

Most likely, you are aware of your Social Security Number (SSN). However, are you aware of the SSN of each dependent you claim? Those should be noted in a safe place, along with the other details your tax preparer might require. 

Make a note of the addresses if you own a vacation house or rental property, for example. If you have recently sold a property, record the dates of purchase and sale, the purchase price, and the money you made from the sale.

You can make the tax season a breeze by taking these steps. For further help, hire an accountant today!

Ricky Mulhall