Tax Tips for the New Year

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With the end of 2011, chances are the thought of preparing your taxes has started to creep in. If each year, this is a dreaded task that has you procrastinating into April, get a jump on things now and turn your annual tax filing into a very small deal. The tax accountants at Harless & Associates, CPAs in Buckhead have provided an outline of what you can get started on in January to make the process go as smoothly as possible.

Get your tax documents organized early!

  • The most important tax task to take care of right away is to make a list of all of the W-2s, 1099s, and any other income-related forms you expect to receive.
  • Start getting together a list of all of your deductible expenses too.
  • Don’t forget about items like 1099s for investment income, K-1s and all of your charitable donations.
  • Most of your reporting forms should be mailed to you by January 31, so be on the lookout for them.
  • There is still time to make last-minute contributions to lower your taxable income. You have until April 15 to make HSA (Health Savings Account), IRA (Individual Retirement Account), Roth IRA  and SEP IRA (Simplified Employee Pension Plan) contributions.

January is the time to get moving on your tax preparation for last year, but it’s an even better time to start strategizing for this year. Contact your tax accountant now to begin developing your 2012 strategy. The more prepared you get now, the more April 15 will feel like just another beautiful spring day!

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