This Tax season a little preparation will go a long way. Start now. Take short bits of time to periodically think about what has changed in your life that could possibly affect your tax preparation and refund in the coming tax season. I understand, we are busy from family affairs, work, leisure and so on. But do take brief moments to prepare, it is worth it.
The IRS has improved it's operation by upgrading technology and software and is hiring more people to recover from the lag created by Covid-19. For tips on IRS improvements click here.
Tip #1 - Did you purchase a house?
If so keep those documents in a file near you. There could be gold in them there documents.
Tip #2 - Do you have college age kids who qualify for financial aid?
If yes prepare those financial records and have them ready for tax season.
Tip #3 Develop a relationship with your Tax prep professional.
Your Tax Professional should know you enough to be comfortable when advising you. and to be able to defend the work he/she performs on your behalf with the IRS, should the occasion arise.
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