The Finance Game – 5 Ways To Get Your Money In Order Before Tax Season

Tuesday, February 11, 2014, 1:00 PM | Leave Comment

Everyone wants tax season to come and go as quickly as possible. Fortunately, there are ways that you can actually help to make this happen. Below are a few tips on how you can get your money in order before tax season.

  1. Keep receipts throughout the entire year

    There is nothing worse than having to organize all of your finances at the end of the year while you are staring down the barrel of IRS threats and deadlines. Pace out the work so that you do not have to deal with the stress of the end of the fiscal year.

  2. Digitize the process of your finances

    Make use of the new technologies that are readily available to the general public for organizing your finances. There is no reason to deal with pen and paper ever again! There are technologies that will allow you to record receipts in real time, organize them under categories and even perform calculations for you as to how much you can take off of taxes based on the rules that year.

  3. Get help from the very beginning

    You may not think that you can afford a good accountant, but the question that you should be asking yourself is this: How can you afford not to? The money that you save by getting the professional help of a reputable firm such as Paddon & Yorke Inc is much more than the money that you put out to hire them.

    Remember that your accountants are just human as well: Everyone is expecting them to work miracles in April. If you actually give them time to help you throughout the year, you will likely achieve better results. They’ve been able to help plenty of people with bankruptcy in Toronto, so they should be able to help you as well.

  4. Make sure that your business and personal financial streams are in order and completely separate from each other

    Save yourself a great deal of trouble and legitimize your business even if you think that it is just a hobby. With the right kind of help, you may be able to save a great deal of money on taxes just because you filled out the right paperwork.

  5. Keep loans and credit to a minimum

    Use loans and credit as tax shields, not as cash flow lifelines.

Do not play the waiting game like everyone else whose finances are always on the brink of disaster. Follow the tips above and give yourself some breathing room to operate this tax season and every tax season afterwards!

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