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Preparing for the Next Tax Season

April 15 is long gone, as is the tax season. But the thing about taxes is that you are never quite done with them. The tax season will come back soon enough and you will find yourself struggling with deadlines. The best way to avoid feeling the stress during the tax season is to start preparing for it well in advance.
There are certain things about the tax filing process that does not change with time and remains the same year after year. Here are some of the tips you should follow to prepare for the next tax season.
1. Prepare an Income Projection Statement
Salaried professionals generally find it easier to estimate the salary hike for the forthcoming year, as their salaries follow a fixed pattern. This may not be so easy for self-employed professionals and business owners.  Nevertheless, you should make it a point to calculate your income and prepare an income project statement for the rest of the year. It is important that you are well informed about the tax structure. Being well informed allows you to plan tax savings and deductions more efficiently, without leaving it all for the last minute.
2. Pick a Tax Software for Finance Tracking
Have you considered investing in a tax software? If you haven’t already, then you should. You should track the financial transactions for the entire year and be ready with the invoices for each of them. Tax andaccounting software such as QuickBooks record all transactions and ensure that by the time the tax season comes along and you’re required to file your tax return, you will have all the data at your disposal.  You shouldn’t wait for the last moment to invest in an accounting and tax software, you should do so at the earliest. In fact, the best way to get access to the latest tax software is to invest in QuickBooks hosting. QuickBooks hosting is cheap, accurate and efficient and prepares you well in time for the tax season ahead.
 3. Interact with Your CPA
You should have a running conversation with your CPA. You shouldn’t leave communication with your CPA to the last minute. In fact, calling up a CPA just when there are just a few days to go to the end of the tax deadline is something a lot of people do, and this is often to their detriment. CPAs are under a lot of pressure in the closing days of the tax season, so make it a point to call them up as early as possible. This way they will be able to dedicate themselves to the task at hand without worrying about the looming deadlines.
 4. Stay Up To Date with the Latest Tax News and Trends
As a taxpayer, you should be knowledgeable about the latest tax news. You should subscribe to a number of online and offline resources and catch up on the latest tax trends on popular websites. You should be conversant about the latest accounting and tax preparation techniques and technologies such as cloud accounting. You should be aware of the looming deadlines and the various tax penalties imposed by the IRS.
We hope you found this blog post informative. Follow the tips given here to prepare for next year’s tax season and leverage the power of QuickBooks hosting for maximum benefit.

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