When filing NJ tax returns, many clients turn to us to ensure their taxes are filed quickly and accurately. While we are an experienced New Jersey tax pro, we still need our clients to do their financial due diligence upfront. Organizing your documents can go a long way in getting the most value from working with a CPA. Here are some ways to help your South Jersey CPA in order to get the most value from working with us.
1. Tax Plan Year Round
Many people think about preparing and filing for taxes during tax season and not much after. But the best way to get the most out of your tax return is to keep up-to-date records throughout the year. Plan to organize your financial records at least once a month. This way, you can avoid the stress and anxiety of preparing an entire year of financial records at the last minute. Keeping track of tax-related documents throughout the year can also give you valuable insight into your finances and increase your financial confidence.
2. Organize Miscellaneous Items Periodically
As you organize your financial documents throughout the year, you may come across essential statements or forms that are not easily categorized. For instance, many people were building home offices during the pandemic to accommodate new work routines. Many did not know how to classify these expenses since they were work expenses in the home. A CPA can help you categorize this kind of spending in a way that is beneficial for tax preparation. We can help you organize these miscellaneous items throughout the year so that all of your documents are correctly sorted by the time we prepare to file your taxes.
3. Provide All Forms, Paperwork, and Documentation.
It is crucial that your CPA has all of the relevant information to prepare your taxes upfront. A CPA can only use the data provided to ensure an accurate filing. If we don’t have all the required information, we cannot prepare a precise filing. Some common things your South Jersey CPA will need are:
- W-2 forms, 1099 forms, or other income information
- information about unemployment, savings, trusts, and investments
- proof of expenses and losses
- bank account information to either pay taxes or get a direct deposit for your refund
4. Close Your Books
Once you have provided all the required tax information to Halter CPA, you must close your books. Making any changes to your accounts after you have provided the documentation will make it difficult for us to prepare an accurate filing.
5. Make Halter CPA Part of Your Financial Management Strategy
The best way to avoid the stress of last-minute filing is to work consistently with a tax pro and include them in your financial planning. Whether you are an individual or a small business, utilizing our services year-round can help you save on NJ taxes and improve your financial well-being throughout the year. Halter CPA can help you avoid some common mistakes and keep detailed financial records so you can get the most out of your refund!
If you have tax questions or need help filing your 2022 Federal or New Jersey tax returns, Halter CPA can help. We are here for your tax needs before, during, and after you file!