Posted by: Garcia & Cuadra, PA | December 1, 2015

3 Simple Steps to Help You Prepare for Tax Season

Prepare for Tax SeasonFiling taxes is a fact of life, and it’s important to be prepared for the approaching season. Proper organization and guidance from a tax advisor will put you in a position to file your return in Tampa as soon as possible.

Start a File Folder

Procrastination seems to be the theme of most people’s yearly filing party. But the earlier you file, the sooner you get your refund, which is a reward worth celebrating! You don’t have to wait for W-2’s to trickle in through the mail. Jumpstart the process by:

  • Collecting social security numbers; include spouse or dependents, if applicable.
  • Making a list of income sources within the household.
  • Obtaining statements from account holders.
  • Identifying which forms you will need.
  • Documenting donation records.

If self-employed, you have to be even more organized than the average taxpayer. The last thing you would want is to file papers incorrectly, so consider hiring a tax advisor. You already bear the brunt of running a business in Tampa, so let the pros handle the particulars.

Think About Your Payment Plan

Nothing is certain but death and taxes, but many overlook the predictable payment that is due each spring in Tampa. Save yourself the panic and budget so you can pay dues in full. This can be done directly from your bank account in one easy deposit online. You can also send a check or money order, a same-day wire, or make an Electronic Funds Withdrawal. If you are unable to make payment on time, there are some options:

  • Monthly installment plan
  • Offer in compromise
  • Temporary Collection delay

If you qualify for an offer in compromise, you may be able to settle your debt for less than the full amount you owe. You may also be approved to request a temporary collection delay collection until your financial situation improves. It is wise to involve a tax advisor in Tampa because waiting will increase your debt. Those who choose to defer will be charged for penalties and interest until the full amount is paid.

Meet with a Tax Advisor

Filing papers and navigating financial statements can be confusing, so consult a tax advisor. They are essential to understanding any agreement you enter into. You may be reluctant because it seems like an added expense, but you don’t want your situation to become any worse. Inability to pay is a source of anxiety, so avoid added stress by consulting an expert.

Garcia & Cuadra P.A.

At Garcia & Cuadra P.A. in Tampa, our independent accountants and tax advisors work to get you every possible benefit so that you owe as little as possible. We also offer assistance with estate or retirement planning, business startups, and bookkeeping, among other services. Contact us at 813-415-2431 to learn how our experts can save you money, stress, and time!

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