INDUSTRY INSIGHT
TAXES
SPONSORED CONTENT
HOW TO MAKE TAX TIME
LESS TAXING
Tax season will be here soon!
Here’s what you can do to make the process less stressful.
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Gather Documentation
The best place to start is to review last year’s tax return. Whether you
are choosing a new tax return preparer, returning to one you have worked
with before, or doing it yourself, a quick look at last year’s return will tell
you what forms you will need. Now is a great time to ask your previous
preparer for an extra copy.
n Identify Changes in Your Personal or
Financial Situation
Did you change jobs or retire? Did your family welcome new children
by birth or adoption? Did you get married or divorced? Did you move
or buy a second home? Did you buy or sell stocks? If you answered yes
to any of these, you will need to collect additional information for this
year’s return. For example, if you bought or sold stocks, you will need to
locate records for those transactions. If you have children, knowing the
amounts paid for child care or higher education will help determine if
you are eligible for Child, Dependent Care, or Education tax credits. If you
married, separated or divorced during the year, a tax professional can
help you understand which filing status is best for you. For example, many
married couples benefit from filing joint returns, but sometimes it can be
advantageous to file separately.
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Keep Good Records and Receipts
Accurate records can also help you maximize other deductions on
your tax return, including mortgage interest, taxes, and charitable
contributions. Some situations such as exercising employee stock
options or contributing to retirement funds will generate records this
year that you will need to keep for future years when you sell stocks or
withdraw funds. A professional tax adviser can help you determine how
to organize this information and maximize your tax benefit.
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Do I Need a Tax Advisor or Preparer?
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