{"id":538,"date":"2023-05-03T21:10:45","date_gmt":"2023-05-03T21:10:45","guid":{"rendered":"https:\/\/hallowscompany.com\/?p=538"},"modified":"2023-05-03T21:10:45","modified_gmt":"2023-05-03T21:10:45","slug":"4-key-strategies-to-evaluate-and-plan-for-next-tax-season","status":"publish","type":"post","link":"https:\/\/hallowscompany.com\/4-key-strategies-to-evaluate-and-plan-for-next-tax-season\/","title":{"rendered":"4 Key Strategies to Evaluate and Plan for Next Tax Season"},"content":{"rendered":"

Here at Hallows & Company we understand that tax season can be a stressful time for many individuals and businesses. The preparation and filing of tax returns can be a time-consuming process, and the fear of making errors or missing important deadlines can add to the pressure. However, there are several ways to evaluate tax season and start preparing for next year, which can help reduce stress and improve overall tax compliance. Here are four key strategies to evaluate tax season and prepare for the next year.<\/span><\/p>\n

1. Review your previous tax returns<\/h2>\n

One of the most important steps in evaluating tax season is to review your previous tax returns. This can help you identify any errors or omissions that were made, as well as any areas where you may have missed out on deductions or credits. By reviewing your previous returns, you can also get a better understanding of your overall tax situation and identify any changes that may need to be made in the future.\u00a0 If you are like many people who feel like looking at your tax return is like looking at a foreign language, no worries.\u00a0 Here at Hallows & Company, we\u2019ve got your back!\u00a0 We can sit down with you any time and clarify the language of a tax return.
\nWhen reviewing your previous tax returns, we pay close attention to the following:<\/p>\n

Income: Make sure that all sources of income have been reported accurately, including wages, investment income, and any other forms of income.<\/p>\n

Deductions: Check to see if you have claimed all deductions that you are eligible for, including those related to charitable contributions, medical expenses, and business expenses.<\/p>\n

Credits: Look for any tax credits that you may have missed, such as the Earned Income Tax Credit or the Child Tax Credit.<\/p>\n

Errors: Check for any errors or omissions, such as incorrect Social Security numbers or mathematical errors.<\/p>\n

Our tax professionals can spot errors you may have made in preparing your tax return and help you focus on future savings.<\/p>\n

2. Keep accurate records<\/h2>\n

Another important step in preparing for tax season is to keep accurate records throughout the year. Preparing for next year\u2019s tax season starts now!\u00a0 Keeping accurate records can help ensure that you have all the information you need to file your tax returns accurately and on time. When keeping records, be sure to include the following:<\/p>\n