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Tips for tax season to keep you from falling behind

OKLAHOMA CITY, Okla. – Tax season is here and even though April 15 is months away, the Oklahoma Society of Certified Public Accountants offers the following tips and information to help you get ready for tax season.

Make sure your information is up to date

If you moved in 2017, you’ll want to make sure your current address is correct with everyone who will be sending you tax documents. If you changed your name in 2017, you’ll want to make sure you notified the Social Security Administration (SSA). The name on your tax return needs to match what the SSA has on file. If it doesn’t, you won’t be able to e-file your return under your new name.

Prepare a tax file

A file can help you get prepared for the tax season by keeping everything in order for you. Having a file for your W-2 and any 1099 Forms that are needed for any additional earnings or even statements from your mortgage company and bank.  You also may receive paperwork, documenting payments you made on medical bills and any charitable donations or financial investments.

CPA’s recommend you place all of the materials you receive and have gathered together in a folder or envelope so that everything is in one place and easy to locate when you’re ready to work on your return or present it to your CPA.

Don’t forget major life events from 2017

There are many different things that can impact your tax filing status and the allowances or deductions you can claim. This could include, marriage, divorce, birth or adoption of a child, retirement, changing jobs, starting a business, bankruptcy and home purchase. If you aren’t sure how your return may be affected, you can turn to your local CPA for help.

For other financial advice, click here.