
January 28, 2025
Tax season is just around the corner, and being prepared can make the process much smoother for you and your tax professional. At KEB, we want to ensure your tax filing experience is as seamless as possible. Here are some tips to help you get organized and ready:
Don’t Procrastinate!
The sooner you gather your tax documents and submit them, the better. Aim to send the bulk of your information to us by mid to late February. Early preparation can help you avoid last-minute stress and ensure there’s plenty of time to address any missing details.
Use Your Tax Organizer
Your tax organizer is a valuable guide for gathering all the necessary information. Be sure to include documents such as:
- W-2s and 1099s
- Social Security statements
- Self-employment income and expense records
- Itemized deduction details
- Childcare and education expenses
- Retirement contributions
For our clients, completing our tax organizer questionnaire is especially important. It helps us identify changes that occurred during the year and ensures you don’t miss out on potential deductions or credits.
Key Sections of the Tax Organizer
Pay extra attention to these areas:
- Self-Employment or Rental Income If you’re self-employed or own rental properties or farms, provide a summary of your income and expenses for the year. Accurate records are crucial for calculating your taxable income and claiming all eligible deductions.
- Itemized Deductions Even though many taxpayers take the standard deduction, it’s worth summarizing your expenses to see if you’re eligible to itemize. Key categories include:
- Medical expenses
- Property taxes
- Mortgage interest
- Charitable contributions
- Banking Information If you’d like direct deposit for your refund or direct debit for your balance due, be sure to provide us with your banking details.
- Estimated Tax Payments Let us know if you made any federal or state estimated tax payments for the tax year, as these will be factored into your return.
Reflect on Life Changes
Think about any new developments in the past year that could impact your tax return, such as:
- Filing status changes (e.g., marriage or divorce)
- Dependent changes (e.g., a new child or no longer claiming a dependent)
- Job or address changes
- College expenses
- New investment accounts
Similarly, inform us of any significant changes expected for the upcoming year that may affect your taxes, such as retirement, starting a new business, or selling property.
Share Your Preferences
Let us know how you’d like your tax return delivered and if applicable, how you’d like your original tax documents returned. Also, share your preferred method of contact (email, phone, etc.) and ensure your contact information is up to date.
Start Now to Stay Ahead
By taking these steps early, you’ll be well-prepared for a smooth and efficient tax season. At KEB, we’re here to assist you every step of the way. If you have any questions or need additional guidance, don’t hesitate to reach out. Let’s work together to make this tax season a success!