6. Don’t Procrastinate.
Many taxpayers let their tax preparation hang over their heads until the very last moment. Why wait for crunch time to prepare and review your information? Plan several months before the year-end to visit with your financial professional to discuss your situation and review your recordkeeping. If your tax records are systematically organized and all of your receipts are coordinated, you will save a lot of time when it comes to preparing and filing your return. The IRS suggests in their literature that you review your income, deductions and tax items from the prior year’s return as a potential way to make sure you have not missed anything for this year’s return.