5 Things You Can Do to Simplify Your Tax Prep and Filing

1. Checklist of Applicable Docs and Information

Put this list together early. Find out what documents and information

you will need for a complete tax filing, and make yourself a checklist. As you compile each document or piece of information, check it off your list, and when the list is completed, you can begin filing your taxes or send your completed set of documents to your CPA for filing. Though the exact documents you need will vary based on your specific situation, here are some general things you will need:

  1. Personal information, including name, date of birth, SSN, etc. for you, a spouse, and dependents you will be claiming
  2. Income documents (may include W-2, 1099, K-1, etc.)
  3. Expenses or deductions (charitable donations, business-related expenses, etc.)
  4. Any credits you know you qualify for, such as earned income credit or education credits
  5. Healthcare coverage forms (1095A, B, and/or C, depending on your situation, so consult with your CPA)
  6. How you want your refund applied (either direct deposit, or applied to your next return if you think you will owe)

It is also a good idea to decide early on whether or not you think you will need a tax extension. If you know you will be getting K-1s after the deadline it will be a good idea for you to file an extension.

2. Set of books

Quickbooks is a very common accounting software program that allows you to account for all your income and expenses. You can consider the cloud options that are available, since this allows you and your CPA to collaborate in real time. Another benefit of being on the cloud is you don’t have to send your CPA copies of your file backups. This will cut down the time it takes to get your taxes complete.

3. Saving receipts

You are required to…(read the rest of the story)

Originally published on Utah Valley Health and Wellness

Written by:Clyde Jones

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