Almost everyone will agree that tax filing is a tedious process, and we’d be better off seeking the help of tax professionals: certified public accountants (CPA) and tax preparers. These tax professionals have mastered the art of tax filing through years of experience, and they could even be knowledgeable about specific tax types. Without their help, it will be difficult for regular folks like us to navigate the filing process, and we might even miss important submission deadlines.
But no matter how good your CPA or your tax preparer is, tax filing can still be stressful if your documents are incomplete or disorganized. To make sure that you have all your documents ready for your preparer to handle by the time filing season rolls around, keep the following things in mind.
Use a Tax Bank Product
Tax bank products offer a solution that makes it quicker for you to pay your tax preparer and receive your tax refund sooner. Because the transaction is done online, the tax refund will be transferred to your account. There are various ways to receive a refund: check, debit card, direct deposit.
It also offers you the convenience of paying for your tax preparer’s service fee by automatically deducting it from your total tax refund amount. This way, you don’t have to make a separate out-of-pocket expense to make the payment and the fee goes straight to your tax preparer’s account.
This is a fairly new product but more and more taxpayers and tax preparers are using this service. Here’s a quick overview of this bank product, so you can discuss your options with your preparer and make filing your taxes a breeze.
Organize Your Files
Organizing your tax files begins right after the most recent cut-off. If you hadn’t done any file organizing for this year, make sure to do so on the very first day of the following year’s tax calendar; this is Day 1 and when you should start organizing.
Yes, you read that right. Tiling taxes is actually a year-long process of organizing and grouping your documents per tax type. To maintain the habit of organizing your files, keep the document container/s in a safe yet accessible spot in your home or home office. You’ll usually want it where you store other documents for personal and automobile insurance. This will make it easy for you to keep your books up-to-date and encourage you to do it consistently.
Doing small filing work daily or whenever new paperwork comes in will eliminate the hassle of a massive document hunt a few weeks before the deadline. It’s also ideal to sort your documents per month. It will make it much easier for your CPA or tax preparer to review and complete your paperwork.
As there are different tax types, grouping them by category will make it much easier to enter your tax details and you can be sure you’re entering the correct information, too. Once this year’s tax has been filed and returned, file the document along with the new ones you’ll need for the next filing season.
File Your Taxes Online
To make it easier for yourself and the people helping you with your tax filing, trust the online process because it really is faster and a much safer way to do your taxes.
Aside from saving time and energy, online filing offers greater accuracy and more flexibility. If you travel for business often and do your taxes yourself, keep in mind that online filing lets you file your taxes from anywhere, at your own convenience. With it, you can file on time and avoid incurring penalties.
If you’re going to use a tax bank product to facilitate your tax refund, electronic filing is the best way to automate your tax filing process from start to finish. This way, you get everything done faster and get your refund on the day of release; no need to wait for it in the mail.
Ease the Stress in Tax Filing
While there really is no way to make the tax season much easier and much simpler, there is something you can do to make it lighter for you and your tax preparer. Organizing your files and grouping them by category will help you accomplish the forms much faster.
Keep in mind that tax prep doesn’t start a few months before filing season. Instead, it’s a year-long process of organizing and keeping your files, to make sure that they’re ready by the time your CPA or tax preparer asks for them.
Aside from keeping your files grouped and organized, using a tax bank product and opting to file your taxes online will definitely improve your experience. In doing so, you save time, money, and energy, and will be able to do go through your task list faster than ever before.
