Tax Day is April 15th (or the closest Monday to it), and the previous year feels far away once you get there. If every April feels stressed and you’re always concerned you’re making a crucial mistake in the end, bump up the date in your mind. Talk to a tax accountant and get your strategy—even if you can’t fill out the forms just yet—ready. Here’s how an early start helps:
1. Fix the mistakes that have been nagging at you.
If you’ve handled your family’s taxes on your own and you think something went wrong last year, you might be right. A tax accountant can look through your records and find mistakes or missing information that entitles you to money back. They can help you fill out a Form 1040X before any deadlines, even for taxes from a few years ago.
2. Decide where your IRA money should be allocated.
IRAs are pretty flexible tools. Until April 15th, you can decide if any contributions go to the current year or the previous year. Ask your tax accountant which strategy is best as soon as possible. The longer the money is in investments, the more work it can do for you.
3. Know what forms you should be looking for.
Your mailbox will start filling up with a bunch of miscellaneous forms from January on, and you might not know if anything is missing until you’re in the weeds of your go-to tax program. An accountant can look at your financial history and tell you which forms to look for so you aren’t scrambling to find envelopes on April 14th.
4. Get a fresh perspective on your taxes without the rush.
Everyone’s rushed in April. While tax accountants can certainly help you get your taxes done, they might be booked for future meetings and chances to ask winding hypotheticals. When you get started in December, you have plenty of time to ask complicated “what-ifs” that might not occur to you when you’re stressed.
No matter what time of year you get started, Roberts Tax and Retirement planning is here to help. Schedule an appointment with us today.
