Tax Preparation for the Filing Season

Last updated on August 26, 2014

The 2015 tax season is just a couple of months away.  Though you have months to file your 2014 taxes, it is advisable to do so early. Filing your return in the beginning of the tax season helps to avoid fraud and scam attempts, such as identity theft.  Also, filing early helps you get your refund sooner.

Filing timely has another important advantage. In case there are miscalculations or other errors in your return, the IRS corrects those errors and sends a notice to inform you about the changes made. If you owe more in taxes due to the correction, you will have time to rectify the debt before the IRS can charge failure to pay penalties incurred on taxes due after the filing deadline is over.

To be able to file your taxes as soon as possible for the 2015 tax season, you should prepare your taxes at the end of this year or the beginning of the next. Depending upon how elaborate your taxes are, you should begin to collect and organize the financial and tax documents that you will need at the time of tax preparation.

This is also a good time to review your 2014 tax planning and make adjustments in your investments, expenditures and income that will bring down your tax bill. If a tax professional files your taxes every year, then you may seek his or her advice to make the adjustments before the start of the new year.