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Tax Preparations Should Start Months Earlier

December 13, 2013, 4:55 PM by Jared Ransom

Tax Preparations Should Start Months Earlier

November and December are not traditionally seen as busy months in the world of tax preparation, but for tax advisors nationwide, these are the months that start the hectic push toward April's tax return deadline.

"What we're trying to do is to provide them with good tax advice, trying to help them from a cash low perspective to make sure that they know what their tax liability is and how we can minimize that," tax partner Jim Jarding said.

Jim Jarding with Eide Bailly is busy talking with small business owners and other clients about what they should be doing as the end of 2013 approaches. That advice seems to be different each year.

"Especially in the last several years here, we've had significant changes, both on the personal side and on the business side, and so to really take advantage of that, you need to be talking and thinking about taxes in November and December," Jarding said.

December 31 is the day some individuals and businesses need to keep in mind, not April. It's a day that could determine whether the taxes you end up paying will go up or down.

"It's very difficult when we get into February, March and April when we're doing client's tax returns and pointing out things to them and things they could've done, but it's too late at that point," Jarding said.

The biggest piece of advice Jarding can provide is to start preparing now, pay attention to key deadlines, and stay up to date on the latest tax laws and regulations that could affect how much you owe.

The laws involving taxes change by the year, so seeking the advice from tax professionals could be enough to save you money when you file your next return.

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