As we are nearing the end of 2016, we are quickly approaching 2017 in time for a new tax season. It feels like we just came out of tax season.
With all of the upcoming holidays festivities, New Year celebrations and resolutions, taxes are far off of the radar for some. However, the next 2 1/2 months can be a good time to be sure you have a list of all the documentation you need to prepare your upcoming tax return, whether you are filing for business and/or individual taxes.
If you are working with a CPA or tax firm, you may receive an organizer to get all of your potential paperwork together. The organizer will show you a summary of what you had to report last year & use it to compare with the upcoming year. This is important because personal and business questions are asked to gather all the necessary information to make for a smooth tax preparation experience for you and your tax preparer. One or two overlooked income forms or deductions can cost you a little or a significant amount of money. It literally pays to be organized!