Get ready for the upcoming tax filing season!
You should gather and organize your tax records:
1) If you are an independent contractor, you should put together a list of your expenses and the supporting documents. If you’re a sole proprietor, a startup, or an established business with a December 31 year end, you should update your books and reconcile your accounts as of current. If you’re a business owner and need help with your bookkeeping, now is the time to reach out for help. Apps, API help streamline the bookkeeping process; they don’t do bookkeeping, experienced professionals do.
2) if you are a w-2 employee, you should be receiving copy of your w-2 from your employer in the mail or for download by the end of January 2022. Brokerage account statement, Forms 1099-INT, 1099-G, etc. are due by that same date. Make sure you gather all the documents that apply to your situation in 2021: all the w-2s if you have multiple employers during the year…
If you need professional assistance to prepare and file your tax return, provide your tax records to your tax professional as soon as possible. This allows time to review ways to reduce your tax bill.
