Why Now is a Good Time to Start Preparing for Tax Season 2022

Veronica Charnell Media

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Photo Courtesy of Veronica Charnell/Created with CanvaVeronica Charnell

Make your Tax Preparation Process Effortless

During this time of the year, everyone is preparing for the Holidays. If we will be completely honest, we have been thinking more and more about Holiday gifts, do I want to travel or stay home for the holidays this year, and what to bring to the holiday dinner.

Are we aware that another Tax Season is quickly approaching? It feels like just yesterday I clicked the submit button on my 2020 Tax Returns. The reality is waiting until next year to gather all the documents you need to properly file your taxes will be chaotic for you and your Accountant.

If you are in the market for upgrading bookkeeping software consider researching Intuit Quickbooks. You can select which version you need based on your tax situation.

I had the opportunity to talk with two experienced CPAs about what we need to do to prepare for the upcoming tax season.

JOSHUA M. HANOVER, CPA, EA

Partner, Marks Paneth LLP

The clients best prepared for tax season are those with whom I have recurring interactions, especially as the year comes to a close. For example, I make it a point to run year-end tax projections for many of my clients. Going through this exercise not only requires reviewing the previous year together for changes to the current year but also allows for the opportunity to discuss year-end planning options. All of this combined requires my clients to actively gather information and provides a baseline off of which to work during tax season.

Paul Donovan

Donovan Legal PLLC

Tax professionals should work with their clients to identify opportunities to defer income and accelerate deductions. They should look for opportunities to harvest stock losses to offset gains. As part of the tax planning, process professionals should have the ability to estimate the full year 2021 income and tax liabilities. Professionals should determine whether a 4th quarter estimated tax payment is needed. As all tax professionals know the most cumbersome part of the tax preparation process is gathering complete and accurate information from taxpayers. Tax professionals should begin preparing tax organizers for their clients as soon as possible. Professionals should also make contact with other professionals who control information needed to prepare tax returns including attorneys, brokers, and other tax professionals.

Finally, tax professionals should begin scheduling appointments to review the tax information as soon as possible.

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