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Tax Season Checklist For Better Planning

Tax season is a hectic time period for all the tax preparers. Therefore, in order to manage stress and work efficiently, every professional needs a checklist. Here is a checklist for a seamless tax filing process this busy season.

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Tax Season Checklist For Better Planning

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  1. Tax Season Checklist For Better Planning

  2. Tax storm has started hitting the accountants, CPAs, and businesses. As expected, tax season is going to full of stress and pressure. Here is a checklist for all the tax professionals to follow in pursuance of a smooth tax season.

  3. Documents Needed 1. Identification Proof • Like Social Security Number, tax return copy of last year, and others. 2. Income Proof • Like W-2 forms, social security benefits (SSA-1099), income from the sale of property ( form 1099-C). 3. Expense-related Documents • Like IRA contributions, medical expenses, student loan interest, mortgage interest, and many more. 4. Proof of Losses • Like insurance claim, police report or any other documents related to loss of business.

  4. Safety 1. Know How IRS Will Contact You • IRS will send an official letter before calling or emailing you. 2. Beware Of Suspicious Offers • The emails which offers quick fixes to tax penalties are fraud. Don't go for something which is too good to be true like increased tax refund ,etc. 3. File Your Tax Early • It's better to file your taxes early in order to be safe from tax scams. 4. Secure Your Network • Online scammers are highly active during tax season and you should secure your network by taking optimum security measures like multi- factor authentication.

  5. Mistakes To Avoid 1. Missing or Incorrect Information • Missing information on the form can delay your tax return. 2. Wrong Math • Any error in calculations might result in payment of extra tax or reduced tax refund. 3. Procrastination • Delay in the filing of returns might make you a victim of identity theft. 4. Not Reporting All The Income • Hiding your income might force you to pay tax penalties.

  6. Productivity 1. Get Organized • Planning in advance will enable you to work faster and efficiently. 2. Update Your Technology • Productivity can be raised if right technology like cloud computing and automation is being used in the processes. 3. Regular Breaks • Breaks help to refresh, increase the focus, and keep the energy high. 4. Reward Top Achievers • Employees work harder if their efforts are being recognized as well as appreciated and eventually become more productive.

  7. Fun At Work 1. Fun Games & Activities • Having fun activities at work distresses employees and increases bonding. 2. Celebrate Employee Birthdays and Anniversaries • Limelight makes the employee feel important, positive, and inspired. 3. Host Communal Meals • Eating together helps the employees to bond on a personal note. 4. Create A Workspace You Enjoy • Dull workspaces reduces the employees' interest in the work and productivity. Maintain a 'wow' factor at work.

  8. Cloud Accounting 1. Expense Control • 'Pay As You Go' enables to buy the services as and when you require them. 2. Multi-user Collaboration • Easy real-time collaboration between the stakeholders saves time and increases productivity. 3. No Data Loss • Reliable cloud providers ensure that your data is backed up and never lost with proper security practices being followed. 4. Latest Technology • Cloud providers upgrade your software as and when an upgrade is released and this ensures you only invest one-time.

  9. Next Steps 1. Do A Post Tax Season Analysis • Observe and discuss how the following tax season can be much smoother. 2. Consulting And Financial Advising • Offer consultations and advice to businesses and help them keep their finances on track. 3. Seminars And Workshops • Workshops and seminars can be hosted by tax preparers about software and tax planning. 4. Market Yourself • Now is the time to market yourself or create a marketing plan for your firm to gain long term benefits.

  10. About Us Ace Cloud Hosting powered by Real Time Cloud Services, LLC (RTCS) is an Intuit authorized hosting provider for QuickBooks and the winner of 2016 Accountex USA Best Application Hosting Provider and 2018 FinancesOnline Great User Experience Award. We provide cloud-based Tax Software hosting on superfast SSD-based servers with 99.999% uptime, 100 days data backup, and 24x7 expert support. To know more visit: www.acecloudhosting.com or call us at 1-855-ACE-IT-UP

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  12. References Tax Season 2018 – Blog Series - Ace Cloud Hosting First, Make Work Fun- Productivity Will Follow - Forbes Top Tax Filing Mistakes – And How to Avoid Them - Investopedia

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