March Topic of the Month: How To Prepare For Tax Season

Kevin Orsinger |

Like it does every year, tax season can feel like it sneaks up on you. Though taxes do not have to be filed until April 15th, it can be a time-consuming process, and waiting until too close to the deadline can not only be stressful but can result in penalties should you miss the deadline. Whether you file your own taxes or pay a professional to file your taxes for you, there is still work to be done to get ready for tax season.

If you use a tax preparer, your first step is to organize your receipts, forms, and other documents for tax time. In addition, you may need to complete a questionnaire or answer questions in a meeting so that the preparer has all relevant information. If you use a tax preparer, you will need to contact them, inquire about their fees, and learn their deadlines. If you do not have a tax preparer yet, or you want to find a new one, you might start by asking your financial advisor to put you in contact with someone. Get an appointment scheduled as early as possible to make sure you have all the materials you need in order.

Whether you are using a preparer or filing yourself, your next step is to gather your documents. Make sure you have copies of all tax documents from your employer(s), your banks, brokerage firms, or other places where you do financial business. Be sure to double check these against your own records to insure the information matches. The most common documents used in tax preparation are various types of W2s, 1099s, and 1098s, but you may also have additional forms.

Then round up your receipts. These might include things like medical costs not covered by insurance or reimbursed by health plans, property taxes, or charitable contributions, or investment-related expenses.

As you begin your tax preparation progress, feel free to reach out to Orsinger Investment Group, Inc. at (724)588-9067 to schedule an appointment today to discuss options for any tax refund you might receive—or any taxes you might owe.