HAPPY 2017! Is it TRUE? Yes, it is! 2016 tax filing season has begun! Are you prepared? And if not, are you nervous? Or is this something that you would just simply procrastinate until the very last minute? Do you know that statistics showed that taxpayers who submit tax returns at the eleventh hour, in a rush, normally missed out on deductions, giving away their hard-earned money. Below the FOUR STEPS we recommend that you take to make sure that you are efficient in the process of filing for your taxes:
STEP 1: Start early (start TODAY), don't wait till March or April, use a TAX ORGANIZER as a guide to prepare for information you need to gather for your CPA or tax preparer. Note: If you are clients of XQCPA, you can also request for a CUSTOMIZED ORGANIZER specially customized for you only to provide you the convenience of gathering complete information so you won't miss out on any deductions!
STEP 2: Give your CPA enough time to review your documents, ask questions and prepare for your taxes.
STEP 3: If you are our clients, we encourage you to schedule for a tax finalization meeting with us so we can walk you through the entire tax return. That way, we make sure that you understand all income and deductions reported to the IRS. Wait! There is MORE to this meeting! Often we have found that many clients were able to identify even more tax deductions in the finalization meeting, enabling them to take advantage of all the deductions they are entitled to have. Not even a dime missed!
STEP 4: Review! Review! Review! After a tax return is prepared, give yourself at least couple of days to go back and review your list of deductions to make sure everything has been included. Better safe than sorry, we encourage you to not just sign your tax return but take a closer look to truly understand what is being reported to the Government, that way, you can be sure to stay out of trouble with the IRS (in the event that if an audit ever arises). Need more guidance on how to prepare for your 2016 taxes, go to https://www.xqcpahouston.com/links-and-useful-resources.
As always, you can call my office at 832 795 9612 to schedule for a tax meeting if you have additional concerns or questions. We are here to help!
Charlene Quah, CPA, Certified Tax Coach, QuickBooks ProAdvisor