How Can I Prepare Myself For Tax Filing?

If you’re at a point in your life, where you just need someone to guide you through the procedure of tax preparation and filing, then you’ve come to the right blog.

You can simply choose to do the following to help yourself:

1. Decide to start your tax planning a little early

When the tax year is beginning, you can choose to plan how you are going to arrange the financial affairs. This is to be done in order to lower your tax bill. However, there is something that you should keep in mind. In case, your tax affairs are too complicated for you to handle you might just need some expert advice. Let’s say you earn investment income or are self-employed, you might go for tax preparation services in San Antonio. They could recommend strategies that minimize and defer your taxes. 

2. Keeping good receipts and records throughout the year

One of the best things to do is to organize as well as file receipts as and when they come in. This makes it fairly easy at tax time. This will include tax information slip. It would also go on to include supporting documents, like bills, receipts for car, credit card statements, business expenses like home or office etc, stock transactions, and records of the business, housing, and rental property.

3. Making sure that you are receiving all tax information slips

This would be including receipts for charitable donations, RRSP contributions etc. Bot only this, but it also includes the following:

• In case of you being an employee- T4 slip  

• In case of you receiving a pension income, self-employed commissions, lump-sum payments, or even annuity income - T4A

• In case of you earning an income from a trust- T3

• In case of you receiving investment income- T5

Something that everyone should remember about issuing these slips is- 

All these slips should be issued by February 28th. This is with an exception for the T3, as that is issued 90 days post the trust’s tax year-end.

Don’t worry, if, in the end, you still feel lost, or simply not up to the task, then you could just go for tax preparation services in San Antonio. Preparing yourself for tax preparation is possible if you are willing to learn and willing to take a risky chance of getting a few things wrong on the way. 

To know more about tax preparation services in San Antonio and avail services of tax consulting North San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.