When it comes to tax prep, it’s important to make sure you know what you’re doing. Without the proper knowledge and practice, you may end up making a mistake when you’re filing your taxes and end up costing yourself a fair amount of money. Let’s review a few great tips to help you make sure you’re starting your tax prep off on the right foot.
The professional tax prep process has quite a few steps in it, but the effort is well worth the results you’ll get at the end of tax season. First, it’s important to review all of your source documents. This includes tax forms like the W-2, 1099, interest statement, and more. In short, any document that’s relevant to filing your taxes must be present and accounted for. All of the information you need for your tax prep is contained within these documents, so make sure you have all of them and that the information on each of them is 100% correct.
Filing your taxes with all of those documents simply becomes a matter of making sure the correct values are in the correct places. Of course, it’s always a good idea to make sure a tax professional is available to help audit your work, too.