Imagine a less stressful tax season. I can't say stress-free, because even I believe that is a myth. But what would you trade to make your tax season less stressful?
Would you spend 5 minutes today, an hour tomorrow? ...to remove 10x the stress next year?
Much of the stress with tax season comes with not having all your numbers and documents ready, and of course not knowing how much you will owe.
Here are 5 tips for reducing the stress of the 2022 tax season.
1. Give it a home
5 minutes
Take a manila folder or document folder and write on it "2022 TAX DOCS".
Create a digital folder in Google Drive or Dropbox and title it 2022 Tax Docs.
When you receive your W2s, 1099s, 1098s, etc, scan and file them as they arrive.
2. Give it a date
5 minutes
Book your tax appointment now to review your tax return during filing season.
If you are a client of mine, my tax appointment calendar is already open and you can book your tax appointment now. The sooner you book your appointment, the more choice you have with dates.
In my practice, I believe in meeting with clients to review tax returns. This can be done via Zoom or in person.
But keep in mind, I'm not magic.
I need your documents at least 10 days prior to our appointment to ensure our appointment is a review of your return and you aren't just watching me input your numbers for the first time. Keep that in mind when you book your date.
3. Make it secure
5 minutes
Use your tax preparer's secure portal for uploading documents. Don't send sensitive information over email.
For my clients, we are now using TaxDome for all secure client communication, document exchange, and document signing. If you don't yet have an account setup, send us an email and we'll get you invited.
Create an account and download the app to your phone. You can scan, upload and message us directly in the app and see our responses real time.
4. Provide last year's tax return
5 minutes
If you are a new client to your tax preparer, provide your prior year's tax return before year-end.
For my new clients, upload your prior-year tax return to your client portal. If you don't have a digital copy, drop your hard copy off at our office and we will scan it for you.
Have I mentioned how much I love my fast scanner? If it takes you too long, let us digitize it for you.
If you are ambitious, use last year's return to make a checklist of the documents you need on the manilla folder you just created.
4. Get a picture of what is coming
60 minutes
If you are uncertain of your tax situation and want feedback, schedule an end-of-year tax review meeting to go through your numbers.
Tax strategy does not happen at tax filing, it happens during the year! Let me help you before the New Year's bell rings us into 2023 and your window of change closes.
5. Get caught up on business bookkeeping
Varies
If you have a business, get your business books up-to-date now. This can take 5 minutes a week OR hours depending how far behind you are.
The more you put this off, the larger the pile compounds and grows. Don't let it grow!
If you need help, reach out to us asap! I am happy to announce that we are growing our team and have a part-time bookkeeper coming on board that has time to help.
This year, we will be offering bookkeeping and 1099 filing services.
...now sit back and enjoy the holidays, knowing you are organized and are on your way to a less stressful tax season.
