Filing your personal taxes is almost always stressful, but a little preparation and some professional help can make the process significantly easier. Taking control of your finances early will not only simplify filing your taxes, but it’ll also put you in a better position to manage your money throughout the year. If you haven’t already sent in your returns, the following tips will help you de-stress during tax season.

How to Take the Stress Out of Filing Your Personal Taxes

1. Get Your Documents Together Early

Trying to collect all of your documentation at the last minute is stressful, but it can also lead to fines if you forget to report income. Collecting all of your earnings statements, receipts, and other documentation early will make the process simple and ensure you get every deduction and credit you deserve.

2. Track Every Receipt

For every expense you deduct on your personal taxes, you should keep a copy of the actual receipt in case you’re audited by the IRS. If maintaining a collection of hard copy receipts is too chaotic, there are several apps and other programs designed to keep electronic copies of your documents organized. Some will even calculate the total amount spent in each category for you, making personal tax filing easier than ever. 

3. Keep a Spreadsheet

Calculating every business expense at once can be a daunting task, especially if you’re self-employed. To take the stress out of deducting these expenses, keep a spreadsheet, and update it at least once a month. It may seem like a lot of work, but remember that every time you sit down to update your spreadsheet, you’re lowering your tax bill.

As one of the premier accounting firms in Ashley County and southeast Arkansas, Clark W Terrell CPA provides an unmatched level of services to individuals and business alike. They operate on a fixed-cost basis, saving their clients money without sacrificing on quality. Follow them on Facebook for more tips and advice, and call (870) 364-5006, or visit the website for help with your personal taxes today.