Keeping tabs on your taxes all year long may seem difficult, but really it makes filing them every year much easier. Keeping organized is the first step in painless tax preparation. It is easy to keep tabs on your taxes if you follow these quick steps:

  1. File first – By filing your receipts as soon as you get them, you can make sure you’re taking care of business as it comes to you. Every time you purchase something considered a deduction, file it away while you’re thinking about it. It will make tax time much easier.
  2. Organize Frequently – When you’re filing away your receipts on a daily basis, you’re going to want to take a moment every month to make sure you’re organized. If you’re filing taxes quarterly, this is also a great way to stay on top of things.
  3. Double Check – Make sure you’re aware of what you’re having deduced from your paycheck. Double checking what you marked on your W-4 can give you an idea of what you should be expecting withheld.
  4. Update - A lot of change can happen in one year. You may buy a house, have a child, or change jobs. Making sure you keep updated records of your major life changes will keep your taxes in check. When it comes time to file them in April, you’ll be ahead of the curve.

Keeping track of your taxes all year round makes tax season so much easier. If you’re filing for yourself or utilizing the seasoned skills of a GI Tax Professional, following these steps will ensure you don’t pull your hair out come April. If you have any questions about preparing your taxes well before your taxes need preparing, give us a call at GI Tax. We leave no dime behind!