While it isn’t near the tax season yet, this is still the right time for you to prepare for your tax return. If you do a little work every day, when it comes to the next tax season, you will find it much easier to complete your tax return. This will save you time and prevent you from missing out on revenue or savings because you are too busy completing your tax return.

Another benefit of thinking about your tax return now, is that you will be able to see available tax savings which will minimize your tax burden and put more money into your pocket or organization.

If you use an accountant or are looking to employ one, getting prepared now will make for a smoother relationship. The more effort you put into making their job easier, the better the service they can provide you. If you don’t help your accountant out, they might only just have enough time to file your return for you and you might miss out on something.

So what can you do to make your tax return easier to file when it comes to the 2017 tax season? Here are several ideas to help you.

1. Change Your Mentality

The first thing to do is to change how you think about your tax return. Most people don’t like completing their tax return and for some, it fills them with dread. However, it is an essential task, and there are benefits to looking positively on it.

If you fear or hate completing the form, you are more likely to rush it. This could mean that you are missing out on vital tax savings. You will also be more likely to delay the information sourcing or filling in of the documents. If you end up rushing the process over a couple of days, your productivity will be zero or just above, and your business will suffer. By doing a little bit every day, there will be less of an effect on your business.

2. Record Everything

This is such as an important task. You should record everything incoming and outgoing of the business. Determine the value, any taxes associated with them and the purpose of the transaction. This could all be kept on a spreadsheet or on an accounting piece of software that should make your filing much easier at the end of the tax year.

Also, keep paper copies and digital backups of everything you have. The biggest victims of cybercrime and data breaches are small businesses. Losing all that information wouldn’t just be a disaster for your time, it can be frustrating as well.

3. Get Organized

All the documentation you may need for your filing should be collected before you start completing your tax return. While we covered receipts above, you should also collect any incoming mail with the designation “tax document enclosed”. You should also look at gathering the items on this list, which is by no means complete;

•       W-2 and 1099 forms.

•       Mortgage interest (Form 1098), mortgage insurance and property tax information.

•       Student loan interest information.

•       Tuition and fees documentation.

•       Cancelled checks that can demonstrate donations you claim.

•       Any medical bills that exceed 10% of your income.

•       Documentation of contributions to your retirement accounts.

•       All receipts to document business expenses and deductible items.