One word: Absolutely. If you only need personal income tax returns done, or if you will need a corporate return prepared as well, there are things you can be doing right now that can save your accountant time and save you money when April 15th rolls around.
You may receive an organizer or checklist from your tax preparer that highlights various types of income that you will need to report, and expenses that you can deduct. Obvious forms of income related paperwork include W-2’s, 1099’s, etc. But there are less popular types of income that you will need to report as well, and it is imperative that you include all of this in the packet that you give to your accountant, so that you can avoid penalties and interest on unreported income. It’s also just as important that you include all of your deductions as well- and be sure to have documentation for anything that you want to deduct! Be sure to keep in mind that some tax deductions have expiration dates, so you might want to make those specific purchases or financial decisions while you can still reap the tax benefit!
If you are involved in a corporate tax return, be sure that your financial statements are correct and thorough, and make sure to include an organized assembly of all necessary backup paperwork. Having these papers in some sort of order will help your accountant to double check your Balance Sheet and Profit and Loss Statement more efficiently, saving you a great deal of money. If you need help making sure your financials are in order before tax time, it might be wise to hire a bookkeeper to compile them for you. Bookkeeping rates are much lower than rates typically charged for completing tax returns.
If your tax return preparer does not provide you with a yearly organizer, you can access some sample checklists online, and from that, you could make your own. Or, switch to Wentworth and Associates so you can be on our mailing list of yearly, personalized tax organizers.
As the new year begins, life gets busy and filing paperwork is not a priority, so get a jump start now so you can avoid paying for it in the spring!
Contact us at firstname.lastname@example.org to set up your tax meeting.