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Making early preparations for tax filing

Filing taxes can be a time-consuming process and can have the potential to be a source of a fair amount of stress. So, the upcoming tax season is something that may fill some with a small measure of dread.

Now, in this time right before tax season starts in earnest, there are things taxpayers can do to try to make things easier and possibly less stressful for themselves when the time for filing taxes does come around. Among some of the advanced preparations individuals can make regarding their taxes during this time include:

  • Going over the major changes they have had in their life over the year, and the tax implications of these changes.
  • Making decisions regarding what they want to do when it comes to tax preparation for the filings for the 2016 tax year.
  • Looking into the tax issues, including deduction issues, their particular circumstances could trigger.
  • Gathering important tax-related documents they already have, such as receipts for possibly deductible expenses.
  • Setting aside a place to put important tax documents that will be coming in the upcoming weeks.

One of the big hopes a person generally has when it comes to their tax filings is that they won't run into any problems with the Internal Revenue Service when it comes to their taxes. When problems with the IRS do come up in connection to taxes, this is another situation where preparation can be important. Preparing properly after becoming aware of the problem could help a person with being well-informed during their interactions with the IRS and with having an understanding of their options during the various process and proceedings related to the problem. It could also help with keeping the problem from growing into one of greater proportions. This is why, after discovering they have a potential tax problem, a taxpayer may want to promptly talk with a tax attorney about what they can do to prepare for addressing and responding to the problem.

Source: NerdWallet, "Thinking Ahead Can Make Doing Your Taxes Easier," Tina Orem, Dec. 21, 2016

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