How to Prepare for the New Tax Year

While it may seem like it’s far away, the new tax season is actually just around the corner. Employers will begin sending out tax return documents at the end of January, which is only a few short months from now.

Savvy taxpayers know that the more they prepare for tax season, the more likely they are to receive an attractive refund. You should work with a tax professional early and often to ensure that you’re reaping the best possible refund and minimizing your tax burden. Hiring a tax consultant in Union City, NJ will help you avoid overpaying. When you’re working with a tax professional, you can be confident in the fact that you’re only paying the amount you owe, and nothing more.

There are a few things that you can do to prepare for the new tax year, including the following:

• Choose a preparer: The first thing you should do is select a preparer to handle your tax filing. It’s always advisable to work with a tax preparer that possesses a longstanding community reputation and that can perform other financial services, as well. If you’re hiring a personal accountant, for example, it’s beneficial to also hire them to work on your taxes.
• Collect returns: Find the past several years of tax returns that you’ve received and bring them to your tax consultant in Union City, NJ. Using these documents, the preparer can see how you filed in the past, and identify ways that you might further minimize your tax burden moving forward.
• Gather receipts: Make sure that you bring all relevant receipts to your appointment with your tax consultant in Union City, NJ. Receipts should include any major purchases you’ve made in the last year, as well as receipts covering any business expenses or receipts from money donated to non-profit or religious organizations.
• Make an appointment: Next, it’s time to make an appointment at your tax preparer’s office. It’s advisable to make an appointment well before tax season starts—this way, you can get to work on preparing documents or finding paperwork well in advance of the April 15 deadline. Starting now also means you’ll get your refund early.
• Understand changes: In late 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), which means that there are significant changes to the tax code that you’ll have to account for when filing and preparing your taxes this year. The TCJA reduced the tax burdens of most wealthy people—make sure to talk to your consultant about how to benefit from these changes.

Since 1987, Kedean’s Generation has been a premier tax consultant in Union City, NJ. We’re proud to provide our clients with high-quality tax services and optimal tax outcomes. To learn more about ways that we can help you minimize your tax burden and ensure that you’re not overpaying, reach out to one of our friendly, highly knowledgeable tax professionals.

Kedean’s Generation is a proud financial services provider operating in Union City and the surrounding communities. We’ll work with you to lower your burden and avoid overpaying!

Categorised in: Tax Consultant