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Tax Preparation: 4 Tips for Success
July 8, 2020 at 10:00 PM
Coins spilling out of jar

Although tax season is still a few months away, your tax preparation shouldn’t be left to the last minute. We have been a part of the Lenexa, KS business community for years and our tax experts have some useful tips for a successful upcoming tax season. You’d be surprised how quickly it can arrive and being prepared is crucial to a successful filing. Whether you’re an individual, a family, or a business, having your taxes in order means being prepared for the future. Tax preparation is part of your complete financial health package, which can include estate and retirement planning, and so much more. All areas our staff has expertise in. So what are some tips for preparing for your taxes while limiting your liability and doing everything by the book to avoid issues later on? We explain.

Understand E-Filing

Most tax filing is now done online. Speedy, secure, and convenient, e-filing is how most people choose to prepare and file their taxes. Still, the process can be somewhat complex and the specialists at OWLFI can ensure all documents are in order, deadlines are met and your personal or business data is secure. Allow for plenty of time - just because it’s digital doesn’t mean you should wait until the last minute. Digital tax preparation with an expert can mean peace of mind for you and your business.

Avoid Filing Last Minute

Tax season can creep up on you before you know it, and early preparation is key to maximizing your returns. The larger and more complicated your business is, the longer you should allow yourself to complete the process. From gathering documents to finding the right forms and filling them out, starting sooner rather than later is always a good idea. Keeping up to date with any tax changes throughout the year is also important, and our hardworking staff stays in the know when it comes to changes - we have an attorney at law as part of our staff.

Document Everything

Digitize your documents, such as receipts and proof of expenses, and keep them in a secure folder, for when you will need them at a later date. Be organized! Whether filing by yourself or working with a professional tax specialist, having your documents organized and easy to find will save you time and make the tax preparation process smoother. Disorganization can mean losing out on deductions, so make proper documentation a part of your daily process. Don’t wait until January to start organizing and looking for documents! Every receipt or proof of payment should be scanned or photographed and saved as soon as possible.

Choose your Tax Specialist Wisely

Perhaps one of the most important parts of successfully filing your taxes is finding the right professional to work with. We have been proudly serving the Lenexa, KS area for years and bring diverse professional experience to the table. Our knowledgeable staff knows how to maximize your return and are always up to date on the latest changes in law and tax regulations. We work with both individuals and businesses and we understand the unique situation of each client. Don’t delay this tax season - contact us today for a consultation and to discuss your tax preparation needs.