The key to getting through tax season is to make sure that you prepare everything beforehand. That being said, getting all of these tools ready and in place can be half the battle. Do you want to make sure that you’re getting your tax return filed efficiently and correctly so you avoid any potential issues with the IRS? If so, here are three resources you might need as a taxpayer.
1. You will need specialized tax software to calculate how much you owe.
Living in the digital age comes with a distinct advantage: not having to physically file your taxes and mail them in. But while most of us are familiar with products like TurboTax or MTD software for VAT, there are other programs for specific assets as well. For example, did you invest in cryptocurrency over the past year? If so, reporting your income and capital gains from your crypto trades can be difficult given the complexity of virtual currency tax laws. The good news, however, is that you don’t have to handle it all by yourself.
Rather, you can turn to some of the best cryptocurrency tax software available out there. One such resource to consider enlisting the help of is TaxBit. Developed by CPAs and tax attorneys, this software makes it easy to report crypto gains and losses and even produce 1099s if you operate a business that paid out crypto to your employees over the course of the previous tax year. Although this software is relatively new (and only serves those in the U.S.), it’s highly respected by financial institutions and the crypto community as a whole, making it an excellent service to go with if you need to calculate more than just your income tax!
2. You should have organizational materials with all of your tax information.
Nothing’s worse than filling out tax forms and not having all the financial information or tools that you need right in front of you. This is why it’s important to have everything organized long before tax season rolls around. For example, if you’re a business that’s dispersing 1099s to employees, having an envelope for tax return purposes and other custom envelopes for your tax needs can streamline the filing process. You should also look into tax folders for previous tax reports and financial documents as well. The more organizational systems you have in place, the easier it will be to file your taxes.
3. Reach out to tax attorneys or accounting firms if you need them.
Taxes can be complicated, and it may not be in our best interest to deal with everything on our own. For example, if your business year was especially hectic and you may have fallen behind in bookkeeping, outsourcing your accounting to an accounting firm can be a great way to file with confidence and maintain your finances moving forward. Likewise, hiring an attorney that specializes in tax law can be a great way to smooth out any issues you’re experiencing on the individual or organizational level. No matter what you need assistance with in regards to your taxes, there are resources out there waiting to help you.
Filing your taxes doesn’t have to be a drag. Instead, getting through tax season without losing your sanity means finding all the right resources you need ahead of time so that you can breeze through your taxes and get back to the things that matter most to you. Whether you’re an individual filing your taxes or a business with extensive tax needs, the guide above will point you to three excellent tax resources that you will likely turn to along the way.