Every year when tax deadline day rolls around, people around the country await it with dread. For many people, the month of April is full of scrambling to file taxes, as well as scrimping and saving in the household budget to round up the funds to pay any taxes due.
However, it doesn’t have to be that way. Here are steps you can take toward tax planning in Marietta GA, that make your life easier once Tax Day rolls around.
Gather All Information
Making sure that all of your paperwork is in order takes a lot of the stress out of preparing your taxes. For businesses or non-profits, preparing for Tax Day is a year-long process. Since the IRS requires that you document all income and expenses throughout the year, you don’t want to hunt for 365 days’ worth of paperwork at the last minute!
Instead, create a designated folder (physically and electronically) where you will store important documents, such as W-2 forms, throughout the year so everything is ready on Tax Day.
Contact a CPA
If you aren’t already working with a CPA, it is a must when tax planning in Marietta, GA. A CPA can help you prepare for how much your tax payments will be that year so you know how much money to set aside ahead of time. They can also use their knowledge of the tax code to help you decrease your payment burden more than you could on your own.