Mid-Season Tax Tips

We are consistently busy in the tax industry, and as a tax professional, just as you get over one hurdle you are prepping for another. April 18th will be here before long, but don’t be caught unawares. Here are some tips to help you wrap up a successful season.

Keep Records Safe: Store client data, paper tax returns and supporting documents in securely locked areas. Make sure to also have strong computer passwords to protect client information and be sure to back up your data daily on an external hard drive in case of disaster such as flood, fire or power outage.

Stay Informed: Here at Taxware Systems we want to make sure our clients are informed and up-to-date, not just with our software but with the tax industry in general. After tax season ends, we suggest checking emails, program updates and the IRS website for important information throughout the off season.

Deadlines: While the business returns and extensions deadline passed on March 15th, there is still time to prepare for the individual extensions by April 18th. Remind your clients not to wait until last minute to file and to bring all applicable documentation to their tax appointment.

Extensions: Make sure to file individual extensions by April 18th. If a payment needs to be made with the extension, you can do that by going to Forms and Schedules and filling out [29] Form 4868. Keep in mind that extensions allow the client more time to file, not time to pay. An extension will allow six months for the client to file.

Questions? Feel free to contact us!