While the weather outside is frightful, now is the perfect time to get a jump on your tax preparation. When it becomes beautiful, you’ll be ready to be out and about -- not stuck trying to get paperwork done. We turned to Glenn Palilla of  SPG Certified Public Accountants  in New York City to learn a bit more on the perfect way to get your taxes done -- early and right.

 

 

A CPA firm based in New York City and with additional locations in the tri-state area, Palilla has been working with clients for the past decade. Specializing in seeking the best tax advantages for each client, Palilla suggests getting started with your taxes early.

 

“It's always wise to plan ahead rather than rushing to prepare the tax return on April 15th.  If you encounter issues with the return, you will have time to address open issues appropriately,” he said.

 

 

 

Glenn Palilla of SPG Certified Public Accountants urges everyone to start prepping for taxes as early as possible.

 

 

If you haven’t already started the tax-prep process, consider getting your paperwork organized; make sure you have tax forms from each employer or business that you might need one from along with any documentation associated with investments, including your savings account.

 

It’s easy to put this process off until later, but getting it done early will save you the headache of trying to track down all of this information at the eleventh hour. An easy way to streamline the process for yourself is to keep a folder with all the relevant paperwork that you’ll need. If possible, keep it organized by date to make your life a bit easier.

 

Palilla noted that while the standard deduction makes sense for a lot of people, if your itemized deductions are in excess of the standard deduction, it would make sense to itemize. Common itemized deductions include Charitable Contributions, Unreimbursed Business Expenses and Medical Expenses. Make sure to have a copy of receipts for all itemized expenditures, in the event that the IRS would like further documentation.

 

While you’re preparing all of your paperwork for taxes, an important consideration to keep in mind is if you need help from a CPA or if you are still able to prepare your taxes using a software program, like TurboTax. Palilla suggests that if you are unsure how to treat certain tax scenarios, take the time to consult with a professional like a CPA or an Enrolled Agent. Addressing tax issues ahead of time is much better than trying to amend the return after filing.

 

If all of this is making you wish you had been a bit more organized in your tax prep throughout the year, take heart. There are a few simple things you can do to make 2017’s tax returns easier to file. If you’re an independent contractor, you should be getting a Form 1099-MISC showing your earnings. Make sure to hang on to that and keep it filed someplace easy to access. If you’re self-employed, you’ll need to track down your receipts and have documentation for business related expenses, like mileage when you used your car for business or supplies you bought for your office.

 

And if you still have questions, that’s why Palilla is around. Professionals like him know how to best maneuver through the sometimes confusing and overwhelming IRS tax code. Since this is something that needs to be done every year, it makes sense to find someone you can trust and enjoy working with, to make the process that much more enjoyable. Palilla and his firm can be reached at: 646.344.4212 -- just a phone call away!