Tax season is here again! As you prepare to get your taxes in order, there are 6 important steps that you should take before filing. Following these steps can help save time and provide more reliable information while simplifying the tax-filing process. Whether it's ensuring all paperwork is up-to-date or calculating deductions, there are ways to put yourself ahead of the game when filing this year.

Keep reading for the 6 steps to take before you prepare your taxes!

1. Gather your financial documents

It's that time of year again — tax season. As much as you may dread the process, it's important to gather all of your financial documents to ensure a smooth filing. It includes all W2s and 1099s, but don't forget about any other relevant information as well. 

Take a deep breath, set aside some time, and focus on getting all of your finances in order. Your future self will thank you for being diligent and organized. Plus, the sooner you get everything gathered and ready to go, the sooner you can hit that submit button and be one step closer to receiving any refunds owed to you.

2. Make sure you have a copy of last year's tax return on hand for reference

Taxes can be overwhelming, especially if you're doing them on your own. It's important to have all the information right at your fingertips to help ease the process. One crucial piece of information is your previous year's tax return. It can be a handy reference to help you navigate through this year's return with ease. 

It's always better to have too much information than too little, so make sure to have a copy of last year's return on hand. You'll thank yourself later when everything runs smoothly, and you can sit back and relax knowing that you've successfully filed your taxes.

3. Take advantage of free tax preparation services

Taxes can be daunting, but did you know that free tax preparation services are available to help you navigate the process? The IRS offers free tax preparation assistance through its Volunteer Income Tax Assistance (VITA) program, where IRS-certified volunteers provide electronic filing services at community centers, libraries, and other locations. 

Many local programs and organizations also offer free tax help for those who qualify. These services can save you time and money, and empower you to navigate the tax process with confidence. Don't let taxes stress you out — take advantage of these free resources today.

4. Check the tax laws each year to take advantage of deductions and credits that may apply to you

Staying on top of your taxes can be overwhelming, but it's important to ensure you are taking advantage of all deductions and credits that may apply to you. Tax laws change frequently, so it's essential to check them each year to ensure you're not missing out on money-saving opportunities. 

Some possible deductions and credits include donations to charity, education expenses, and home office deductions. By taking the time to review the tax laws each year, you can feel confident that you're maximizing your financial benefits and avoiding costly mistakes come tax season.

5. Consider hiring a professional accountant if needed 

Preparing taxes can be a daunting and time-consuming task, and accuracy is key. If you're unsure about the process or lack confidence in your ability to file taxes correctly, hiring a professional tax preparer might be a wise choice. 

Not only will this ensure your taxes are filed accurately, but it can also save you time and money. Professional tax preparers are trained to navigate the tax code and can help identify deductions and credits you may have overlooked. 

By handing over the reins to a professional, you can have peace of mind knowing that your taxes are in good hands.

6. Review investment strategies for potential tax implications 

Investment strategies are often complex, especially when assessing any potential tax implications. That's why it's crucial to seek guidance from a qualified financial advisor or broker. 

If you've made investments during the previous tax year, it's essential to review them carefully to ensure you're not overlooking any tax implications. Your financial advisor or broker can help guide you through this process, understanding your specific financial situation and your investment goals. 

By working with a professional, you can feel confident that you're making the most of your investments and avoiding unnecessary tax burdens.

All in all, taking the time to plan for tax season is key to a successful filing of taxes. While it may seem easy to wait until the 11th hour, taking the steps listed herein can help you save money and stress in the long run. 

About Us 

If you need help with filing your taxes, look no further than Sela Tax & Accounting LLC. We are a full-service accounting firms in Florida specializing in tax accounting and business payroll services in Miami. We have a team of qualified professionals who can take care of all your accounting needs. You can reach us at 305-747-7424 or fill out our contact form to know more about our services.