As the dreaded April 15 tax deadline looms, you might find yourself asking that hypothetical question, “what would happen if I lost all of my tax paperwork?”
The tax return, often handled or calculated by online software programs or accountants, is arguably one of the most important documents in possession.
That being said, here is your friendly reminder to back up all of those ever-important tax forms, files and other documents as they relate to your finances.
Backing up a copy of your tax file is just one of many ways to stay ahead of the curve in regard to tax season. Here are some other tips to ensure smooth sailing during the filing of your taxes:
- Internal Revenue Service website - a great place to find forms and answers to FAQs. There’s even a Small Business and Self-Employed Tax Center for specific questions, like which expenses can be deducted.
- Mark Your Calendar – set deadlines for yourself to complete various tasks. For example, have your receipts sorted by January 31, all your 1099s in hand by February 15, etc.
- Need An Extension? – if you think you’re going to have trouble getting your tax return done, plan now to get a six-month extension of the filing deadline.
- Tax-preparation Software – put down the pencil and calculator and use a software solution like Intuit TurboTax, H&R Block TaxCut or CCH CompleteTax to save time and ensure that your tax returns are accurate.
- Consider Hiring an Accountant – if tax-prep software isn’t a good fit for you or your business, get help lined up now. Don’t wait until April 10 when you’re in over your head.
Rest easy this year knowing that your personal information is backed up with CrashPlan!