Posted by: Garcia & Cuadra, PA | December 20, 2016

5 Tax Preparation Tips to Start the Year off Right

Garcia & Cuadra Can Help With Tax Preparation!
As 2017 looms nearer, Tampa residents are charting out New Year’s resolutions by joining gyms and promising to eat healthier. Along with achieving goals and trying new things, independent accountants and financial advisors encourage individuals in Hillsborough County to make tax preparation a priority. Whether you aim to file yourself or want to hire professionals, here are some suggestions on how to prepare for the month of April.

1. Get Organized Early

By starting ahead of time, every process that follows will go more smoothly. From keeping track of payments to finding professionals in the area for assistance to managing deadlines, the earlier you begin the better. Not only will you keep stress levels low, but you will also have plenty of time to triple check your paperwork before submission.

2. Gather Financial Information Regularly

An essential component of getting a head start on tax preparation requires you to gather paperwork throughout the year in Tampa consistently. Whether you choose to make it a monthly event or a quarterly effort, keep track of:

  • Income from jobs
  • Investment income
  • Profit/loss statements
  • Escrow closing statement
  • Green energy credits
  • Alimony paid/received

These materials and more are necessary for smooth sailing, so create a folder to contain them. Instead of digging around frantically come April, opt for periodic organization. If management skills do not come easily to you, hire a financial advisor to get things in order.

3. Mark and Mind Deadlines

Instead of ignoring deadlines, use them as a guideline for when to kick off tax preparation. This might mean contacting your independent accountant or ensuring that your paperwork is in order. Whatever the case, work backward from the deadline to file.

4. Track Tax payments

To avoid overpaying, track any payments you submit. If you own a small business in Tampa or are an independent contractor, you will need to file multiple forms. Most individuals who deal with nontraditional documents (anything that is not a W-2 or W-4) choose to hire an independent accountant so that no stone is left unturned.

5. Enlist Professional Help

If you are hesitant or unsure about your capacity to get ready before April, you can enlist a tax preparation professional’s help. Financial advisors and independent accountants are the way to go because they are equipped to form, organize, and file your paperwork. If something is missing, they will let you know well ahead of time. Make sure to locate them before spring arrives in Tampa because the best in the area will be booked before you know it.

Garcia & Cuadra Can Help With Tax Preparation!

For tax preparation in Tampa, contact Garcia & Cuadra, P.A. Our financial advisors and independent accountants can also assist you with:

  • Retirement planning
  • Litigation support
  • Business entity selection
  • Incorporation services
  • Analysis and forecasts
  • And more!

Keep everything in Hillsborough County in order for the coming season. For feedback on your finances, call 813-415-2431.

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