5 Steps to Prepare for Tax Filing Season

Written By Turar Abakirov

Tax season is just around the corner, and getting prepared ahead of time can save you stress, time, and even money. Whether you're filing as an individual or a business, these steps will help ensure a smooth tax filing process.

1. Gather Your Financial Documents

The first step to tax preparation is collecting all the necessary paperwork. This includes:

  • Income Statements: W-2s, 1099s, K-1s, or any other proof of income.

    • Door Dash, Uber and other delivery companies make all forms available in the app by the end of January

  • Expense Records: Receipts for deductible expenses such as medical bills, education expenses, or business costs.

  • Investment & Savings Information: Reports from brokerage or retirement accounts.

  • Loan or Mortgage Documentation: 1098 forms for mortgage interest or student loan interest.

  • Bank statements.

Having these documents in one place will save time and reduce errors when filing.

2. Understand Your Deductions and Credits

Knowing which deductions and credits you qualify for can maximize your refund or reduce the amount you owe. Some common areas to consider include:

  • Charitable donations

  • Education-related expenses

  • Childcare or dependent care costs

  • Medical expenses that exceed the threshold for deduction

If you're unsure which deductions apply to you, consulting a tax professional can help you take full advantage of what’s available.

3. Verify Your Personal Information

Double-check that your personal information is accurate, including:

  • Social Security Numbers for you and your dependents

  • Your filing status (single, married, etc.)

  • Bank account details for direct deposit refunds
    A small mistake here can delay your return or refund.

4. Stay Ahead of Deadlines

The official start of tax season is in January, and the filing deadline for 2025 is April 15, 2025. If you think you’ll need extra time, consider filing for an extension—but remember, any taxes owed must still be paid by the deadline to avoid penalties.

5. Work with a Tax Professional

Navigating tax laws and understanding changes in regulations can be overwhelming. Hiring a CPA ensures accuracy, reduces the risk of audits, and helps you uncover opportunities for deductions and credits you may not have considered.

Preparing for tax filing doesn’t have to be stressful. By staying organized and working with a trusted professional, you can make the process quick and efficient.

Need help? As a CPA, we are here to guide you every step of the way. Contact me today to schedule your tax preparation consultation!

Turar Abakirov
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