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Things you can do January 2018 to prepare for tax season

On Behalf of | Dec 27, 2017 | Uncategorized |

The recent tax bill signed into law by President Donald Trump recently went into effect. Individuals and businesses alike want to figure out whether they will gain or lose according to the new provisions. Between doubling the child tax credit to altering the process of itemizing deductions, there are numerous facets to this bill experts are still poring over. 

For individuals filing taxes in 2018, it is never too early to get a jump on your paperwork. You certainly do not want to wait until April 1st comes around before looking at your financial documents. Starting on January 1st, you should begin preparing your tax forms. By the time April 15th arrives, you are sure to be able to file with total peace of mind. 

Decide if you require assistance

Gather all your financial documents in the beginning of January. If filing online or through the mail seems too confusing for you, then that is all right. It will be much easier to hire a professional to assist you if you get in touch with him or her earlier in the year. Far too many people wait until April before contacting professional tax attorneys and accountants. By that point, tax professionals will have a ton of other clients to go through. 

Contribute to a retirement account

You have until April 17th, 2018 to contribute to your retirement fund to write off the expense on your 2018 taxes. You can contribute to either a traditional or Roth IRA. The maximum contribution you can make in one year is $5,500.

Request an extension if you believe you will need one

The Internal Revenue Service can provide you with a six-month extension on filing your taxes as long as you submit the proper paperwork by April 17th, 2018. You need to submit file Form 4868. You still need to pay a sum by the April deadline, but you can get some relief with an extension. 

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