Rock Talk

Getting Ready for Tax Time

Last updated on March 10, 2020 at 05:17 pm

A lot of people dread the idea of getting ready for tax time. Plymouth Rock reached out to our friends from the New Jersey Society of Certified Public Accountants to help take the stress out of filing this year. Here is what Kenneth A. Bagner, CPA, M.S.T., CGMA from Sobel & Co. told us:

You can reduce stress by following a few simple guidelines. First, keep in mind that 2019 is over. So you can’t make any changes now to impact your tax status. But by working with your accountant, you can help maximize every advantage available to you.

  1. Be sure that you feel comfortable with your accountant. If you are going to make a change, do so as soon as possible. Conduct the appropriate research before making a switch, but recognize that the closer it gets to March, the harder it might be for you to identify a new firm with the resources to serve you.
  2. Contact your accountant early in the process. If you receive an organizer from the firm, use it. The questions posed are designed to uncover possible tax advantages for you. If you have questions regarding which documents should be included, ask your accountant early to avoid having to mail multiple packages to him or her later on.
  3. Don’t hesitate to mention if you think you’re a candidate for specific deductions. You might be eligible for daycare deductions, IRA contributions under certain circumstances, energy credits resulting from household improvements, job search expenses or even investment advisory expenses.
  4. When gathering your tax documents, make copies of every item before mailing them or delivering them to your accountant. That way, if the package is lost, you have a back-up.
  5. U.S. mail is typically the best delivery method. It doesn’t hurt to request a receipt.
  6. Contact your accountant to make sure the package has arrived, and eliminate unnecessary concerns by asking for an approximate date of when your return will be completed and ready for your signature. Establishing a reasonable deadline will help both you and your accountant.

Communicate with your accountant, and do your best to provide the documents he or she needs in a timely manner. Ultimately, good communication is the foundation working with an accounting professional to do your taxes. Good luck!

Plymouth Rock Assurance is proud to partner with NJSCPA to bring you valuable tips for about your financial health. Qualified members of the NJSCPA can receive a discount on their car insurance through Plymouth Rock Assurance New Jersey.

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