Are you wondering what you need to know before preparing your tax return? Go through the following checklist to simplify the tax filing process. To know in detail about tax preparation visit : https://www.cogneesol.com/tax-preparations

1. GET ORGANIZED WITH THIS
TAX PREPARATION CHECKLIST

2. Tax season is in full swing, and the first
deadline is quickly approaching.It can
be a stressful for many but there are
ways to minimize the stress. Before you
meet with your CPA or begin filling out
your tax forms, gather all the required
tax documents and upcoming tax
changes. Use this guide to make sure
you’re prepared for tax season.

3. BASIC INFORMATION
NEEDED
Before filling taxes make sure you have all
the general info like social security
number, business name, business address.
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4. G A T H E R U P A L L T H E
R E Q U I R E D D O C U M E N T S
Keep records of all your current year income
and deductible expenses and prepare a report
of earnings and expenses in a excel sheet or a
notebook. This help you manage every little
detail and make you income calculation much
simpler.
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5. Select the correct tax form depending on
type of income. You can download the latest
and the correct copy of the form and
instructions from the official website.
C H O O S I N G T H E C O R R E C T
T A X F O R M T O F I L E
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6. BOOKKEEPING RECORDS AND
FINANCIAL STATEMENTS
Having copies of your financial statements and
bookkeeping records make preparation of
upcoming tax return make it easier. Make sure
you have the documents like journal entries,
Profit & Loss Statement and balance sheet when
you meet with your CPA for Tax Preparation.
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7. KEEP COPY OF YOUR PAST
TAX RETURN
Keep copy of previous year returns so that you
can look at last year’s return while preparing
this year’s tax return. It’s a handy reference,
and reminds you of deductions you may have
forgotten.This information will make it easier to
file your taxes next year.
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8. BE AWARE OF UPCOMING
TAX CHANGES
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Before you complete your tax return for 2016
there are some changes you should be aware
of in case they affect you.

9. DONOTFORGETTOCLAIM
DEDUCTIONFORTAXSAVING
INVESTMENTS
Check all your investments and see which ones
are eligible for deductions. Make claim all
eligible deduction and fill the relevant
information columns in the forms to ensure that
you do get credit for your investments at the
time of processing of returns.
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10. ENSURE TIMELY FILING OF YOUR
RETURN
Deadline for filing taxes is generally the same
each year — April 15. There’s a bit of flexibility if
the date falls on the weekend or a legal holiday.
Make sure that you are aware of the deadlines in
order to avoid costly fines and penalties.
Moreover, timely filing of return ensures faster
processing and quick refunds if any.
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11. THANKS FOR WATCHING