After months of hard work, another tax season has come to a close.  Was this tax season stressful for you?  Did you get all of your questions answered and returns submitted in a timely manner?  At SME we pride ourselves on our organization and preparedness.  In order to make filing taxes a bit simpler and less frustrating next year, try these tips...

1.       Don't Procrastinate Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.

2.      Use the organizer from your accountant  This is a valuable tool which includes pages that show the prior year tax information to help jog your memory and make sure you don't forget any income or miss any deductions.

3.      Try the envelope method  If you have lots of business receipts to keep up with, prepare several envelopes for entertainment, office supplies, etc....  During the year, empty your pockets or purse when you get home and put the receipts in the envelopes.  At the end of the year all you have to do is add them up!

4.      Try Quicken  If you are computer savvy you may like keeping up with your checkbook in Quicken.  This allows you to categorize all your income and expenses.   Best yet, you can download transactions from your bank accounts and credit cards!  I love it because at the end of the year I can just print a report for my contributions and business expenses.  It's great!  (Beware, you must still keep all those pesky receipts!)

5.      Meet with your tax advisor before yearend   It can be very beneficial to get a picture of your tax situation ahead of time.  Your tax advisor may have ideas which you are not aware of that can mean big tax savings.