How to Prepare for the End of Year Tax Season: Tips from Myrjam Ross

As the end of the year approaches, the thought of preparing for tax season can be daunting. However, with the right strategies and organization, you can make this process smoother and less stressful. Myrjam Ross, a seasoned tax expert, shares her top tips to help you get ready for tax season effectively.

Start Early and Stay Organized

One of the most important steps in preparing for tax season is to start early. Waiting until the last minute can lead to unnecessary stress and the possibility of missing important deductions or credits. Begin by gathering all necessary documents, such as W-2s, 1099s, and any other income statements. Keep these documents organized in a dedicated folder or digital file to ensure easy access when you need them.

Additionally, maintaining an organized record of your expenses and deductions throughout the year can save you a lot of time during tax preparation. Consider using financial software or apps to track your spending and categorize expenses for tax purposes.

Understand Your Deductions and Credits

Knowing which deductions and credits you qualify for can significantly impact your tax return. Common deductions include mortgage interest, student loan interest, and medical expenses. Tax credits, such as the Child Tax Credit or the Earned Income Tax Credit, can also provide substantial savings.

Take the time to research potential deductions and credits or consult with a tax professional to ensure you are taking full advantage of available opportunities. This proactive approach can maximize your return and reduce your taxable income.

Review Last Year’s Tax Return

Reviewing your previous year's tax return can provide valuable insights and help you identify areas for improvement. This review can uncover any missed deductions or errors that you should address this year. It also serves as a reference for important information, such as your adjusted gross income and any carryovers.

Consult a Tax Professional

While handling taxes on your own is possible, consulting with a tax professional can be beneficial, especially if you have a complex financial situation. A tax expert like Myrjam Ross can provide personalized advice, help identify additional savings opportunities, and ensure your tax return is accurate and compliant with current regulations.

Be sure to schedule your appointment with a tax professional early, as their schedules tend to fill up quickly as the filing deadline approaches. A professional can also assist in planning for the upcoming tax year, setting you up for success from the start.

Plan for Next Year

Once you have filed your taxes, take some time to plan for the next tax season. Consider adjusting your withholding if you received a large refund or owed money this year. This adjustment can help you better manage your cash flow throughout the year.

Additionally, continue to track your expenses and keep your financial documents organized. Implementing these habits will ensure a seamless transition into the next tax season, reducing stress and improving your overall financial health.

By following these tips from Myrjam Ross, you can approach the end of year tax season with confidence and ease. Starting early, staying organized, and seeking professional advice are key steps in ensuring a successful tax filing experience. Take control of your taxes this season and set yourself up for financial success in the future.