If you are searching for the best Manhattan tax preparation advice it is better when it comes from a CPA. Tax preparation usually occurs from January and ends in April each year but if you take some time to prepare for tax season each year then you will be able to actually relax during tax season. There are some important tips that New York CPA's want you to know about doing your taxes.
If you don't have a regular tax preparer then you will want to find one that you can build a relationship with over the next few years. The more you return to the same Manhattan tax preparer the more they know how to get back what you deserve. Even if you take your tax preparation service to a large company that has several people working on people's taxes it is still a good idea to request the same preparer.
Another good point to tax preparation NYC is to be prepared. People usually wait until the last minute to get all their tax papers together for the entire year. They usually spend about a week or so finding all their receipts and trying to rummage through their old files and shoe boxes to find it all. There are so many ways to get money back. You need to keep receipts and canceled checks as well as all invoices and any other records you keep regarding how much you have paid for things during the year. Without the receipt you cannot prove that you really did pay that much for something and you may end up in trouble. You will need to accept your loss and hope that you do better at keeping records the next year.
Another tip that a New York CPA will share with you is if you receive a notice that you are being audited the first thing you need to know is to not panic. Too many times when these letters come in people just assume the worse and panic. If you receive a notice that you are being audited then contact your CPA immediately. Together you can be prepared for your auditing appointment and face your fears head on. You may need to have your accountant with you when you are audited so he or she can explain your records. To get ready yourself you will need to get all your paperwork dated back five years. If you have had your taxes prepared by a CPA in New York City for the last five years then they will also have all the records needed.
Remember that the best way to prepare for tax preparation NYC is to get ready for it all year long. Make sure that you designate a special place to keep all your paperwork. You will want a place for receipts and a place to put all your filed
income tax NYC papers in. If you run your own business there are several different ways that you can keep track of your records throughout the year so you are ready for tax time. When you don't take the time to keep up with the records then you end up wasting time trying to get ready and possibly forgetting some very important tax papers.
Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm serving the needs of individuals, freelancers, self employed individuals & small businesses. To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website:
Medowscpa.com
Occupation: CPA
Jonathan Medows, CPA, MBA is the Managing Member of MEDOWS CPA, PLLC, a boutique New York CPA firm serving the needs of individuals, freelancers, self employed individuals & small businesses.
To see how he can help you reduce your tax liability and keep you in tax compliance please visit his website: Medowscpa.com
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