The early bird gets the worm? - Tax Tip #1

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Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

The early bird gets the worm? - Tax Tip #1

Mar 05, 2013

Posted by Keith Hall (NASE Tax Expert) - Well, I don’t know for sure about birds or which bird gets which worm, but I do know that it’s never too early to start thinking about your tax return. Most likely you have already received your own little mountain of tax related paperwork including W-2s, 1099s, 1098s, K-1s, brokerage statements, bank statements, HSA statements…and on and on and on. 

If you are expecting a refund, the quicker you can get all of those forms filed, the quicker you will get your check back from the IRS. Even if you expect to owe money this year, the quicker you can complete those forms, the more time you will have to plan for cash flow needs before April 15

If you are going to complete the tax return yourself, make sure you consider some type of automated tax software such as TurboTax to help with the process. If you will be using a professional to prepare the return, don’t forget that they will be completing hundreds of returns this year, so beating the rush can be very beneficial. Your tax professional may even be willing to provide a discount for getting your stuff in early. It may be too late for a New Year’s Resolution, but it’s not too late to start early. The quicker you can get this headache behind you, the quicker you can concentrate on your next new customer.    

Check back every week from now until Tax Day for a new tax tip. Collect all 7, and you'll turn into a Tax Superhero! (Or at least have your taxes done with a smaller headache.)

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