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5 Tips How to Prepare for Tax Season 2018

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Tax season 2018 is on the door. Plan ahead and avoid common last-minute mistakes to have peace of mind and save your time and money, by following these important five tips.

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5 Tips How to Prepare for Tax Season 2018

  1. 1. 5 Tips How To Prepare For Tax Season 2018
  2. 2. The road to 2018 tax preparation season is almost here, and it’s time to get ready!
  3. 3. Tax season can be a stressful and confusing time for many, especially, for new businesses that are filing for the first time.
  4. 4. However, proper organization and preparation will not only provide peace of mind, but it can also save your precious time and money. Plan ahead and avoid common last-minute mistakes by following these important five tips.
  5. 5. 1. Plan and Organize It might be easy to prepare taxes but without careful planning and organizing documents, it is like setting off on a journey without a roadmap. Planning in advance not only help you avoid common tax mistakes, complications from IRS but also saves a lot of time and in many instances, money.
  6. 6. Gather all documents required to complete your tax returns. These may include: • Bank statements • Last year’s business tax return • Partnership agreements • Business and personal credit card statements • List of income and expenses • Insurance premiums • Transport and travel • Payroll information • Other deduction related documents Proper planning and organizing documents ensure an easier and early tax filing.
  7. 7. Deciding whether to hire a certified public accountant or do your taxes your own is one of the important decision you should take ahead of tax season. Before reaching to a decision, answer the following questions: • How much time do you have for preparing tax season? • How complex are your taxes? • How much are you willing to spend on CPAs or tax software? • How much experience do you have with dealing IRS? 2. Hire a CPA
  8. 8. Hiring a CPA means bringing onboard a professional who offers tax expertise and ability to file taxes quickly and create more tax savings for you. These licensed professionals are more familiar with tax laws, IRS audit, financial analysis and formulating business accounting plans.
  9. 9. If you haven’t done so, it is high time you sign up for an IRS account. The benefits are many. You can download a transcript of your tax return information, information about refunds and get technical support on tax return process. 3. Create an Account on IRS.gov
  10. 10. It’s also important to sign up for your IRS account because it’s frightfully easy for hackers to do it for you. They can create an account in your name and steal your personal and tax related data, according to the story of an unlucky man named Michael Kasper.
  11. 11. Whether you prefer accounting software such as QuickBooks or tax preparation software such as TurboTax, Lacerte, or Drake software, it’s time to choose and setup a system for your accounting needs. Both desktop and cloud-based accounting system have their own advantages, but it’s good to know which one fits your needs the best. 4. Set up Your Accounting System
  12. 12. • Make sure to use a cloud accounting software which enables anytime, anywhere and simultaneous access to your accounting data. • Make sure to try before buy. • Make sure to know which version will fit your needs – Basic, Deluxe or Premium • Make sure to know how much support and help you require with software. Use these tips to choose a best accounting/tax-software for your business.
  13. 13. You should take into consideration the risk of identity theft and other tax frauds. Do not share your personal information, tax filing details with anyone without proper reasoning and the devices, on which you work your taxes, must be secured as well. 5. Beware of Frauds
  14. 14. There are dozens of tax scams and frauds, the most common include Phishing and Malware Scams, Impersonation Scams, Identity Theft and Fake Charities. Also remember, if you become a victim of any tax scams, don’t hesitate to notify the IRS about the same.
  15. 15. The more thorough and prepared you are, the better your chances of avoiding an IRS tax audit and enjoying a hassle-free tax filing process. Another tax season is just starting!
  16. 16. About Us Ace Cloud Hosting is an Intuit authorized Premier Reseller and commercial host for QuickBooks software and a leading tax software hosting provider to CPAs, bookkeepers, startups and SMBs. As winner of 2016 Accountex USA User Favorite Awards for hosting category, we provide cloud accounting solutions and hosting of software such as Lacerte, Drake, ProSystem fx Tax etc. that enable startups and SMBs to run their whole accounting better. Visit us at www.acecloudhosting.com or call us at +1-855-219-0431
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  18. 18. References 5 Ways to Prepare for Tax Day – CNBC 6 Steps to Prepare For Tax Season – Huffington Post 8 Wa s You Can Prepare Now for Ne t Year’s Ta es – US News Tax Season Alert: Watch Out for These 3 Common Scams – Ace Cloud Hosting Image Credit: Pixabay.com, Pexels.com, and Unsplash.com

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