Tax season is right around the corner. If you are like some people, you may be panicking just by the thought of this. There are things you can do to prevent this feeling of panic for future year's tax season, though.
What is that?
Well, you should think about prepping and planning your taxes all year long!
Oh, I know, that doesn't sound like a ton of fun. However, it can make your life much easier if you manage your taxes year-round instead of trying to cram everything into a week or two when tax season comes around.
Here are two of the great advantages of year-round tax prep and planning:
You'll be better organized.
By preparing all year long for your taxes, you'll be better organized. You are much more likely to have organized receipts, know where all of the documents you need are for your tax situation, and more, if you stay on top of it all year long.
This is very different from someone who spends just a day or week (or another short amount of time) on their tax situation. Someone who doesn't stay organized year-round may lose important receipts or documents, everything may be in a huge, stressful mess, and so on.
You'll be less likely to forget something.
It can be very easy to forget something when you are doing your taxes somewhere around a year later. I mean, can you honestly tell me what happened in January of 2015 when you start doing your taxes this year?
It may be very hard, and this can lead to you forgetting what exactly a receipt was for, any expenses you may be forgetting, and so on.
This can then cause you to pay more in taxes because you are unable to remember certain things that happened the previous year.
I recommend looking into Block Advisors. Block Advisors is your year-round dedicated tax partner, offering both tax preparation and tax planning experience. They realize that tax preparation is not one-size fits all, and that people should look into managing their tax situation year round, instead of just one time each year. Additionally, if you run a small business, Block Advisors can provide your back-end needs including payroll, bookkeeping and more to serve all of your tax and accounting needs. With more than 280 Block Advisors offices across the country, you can think of Block Advisors as your hometown tax advisor.
Do you prep for your taxes year-round like I do? Why or why not?
This blog post is brought to you by Block Advisors. All opinions are 100% mine.
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It is interesting for me to learn a little bit about tax preparation. I did not realize I could prepare it year round. This helps me understand a little bit more about what I could do to repair it.