Plan Tax Strategies For Next Year

April 15th has passed but it’s not too soon to start planning for next years taxes.  Jeff Haden of Inc, recently outlined in How to Make Next Tax Season Less Painful strategies to take now and avoid the stress of tax season. He noted that Jim Secord, CEO of Kashoo, a Vancouver-based online accounting software firm, suggests starting immediately and following a few good accounting habits.

Among them, he offers these tips:

  1. Stay Current With Your Record Keeping – Accounting Rule #1 “Do not procrastinate.” Keeping up to date on your record keeping will help next year’s tax season be much easier.  Setting up weekly or monthly reminders in your calendar can help you accomplish this.
  2. Analyze Variations in Your Current and Previous Returns – Look at tax refunds, deductions, etc. over several years. By comparing your returns something may stand out that you can do differently to improve your tax situation for next year.
  3. Know Where Your Cash Comes From – Run a cash flow report. This can help you understand where your cash comes from, where it goes, and ways to make improvements.

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