The deadline is quickly approaching. April 15th is the last day to file taxes and many residents are already thinking ahead.
Dr Cathy Subber has owned her own Chiropractic office in Naperville for the past 10 years. She says she always knew that accounting wasn’t her strong point, so she relies on an accountant to keep her expenses in line, especially around tax season.
“They are always on top of me to make sure that I get the information they need monthly. So that when April 15th or January 1st comes I’m not scrambling around and scrounging through files to try and find bank statements and receipts and donations I’ve given,” said Subber.
Her accountant Leslie Cesario says for business owners and individuals alike, staying organized is the key to a successful tax season.
“It’s a good idea to do a checklist on your own,” said Cesario. “To quarterly think about everything that’s going on in your life, keep you tax documents aside and up to date so it’s ready to go at the end of the year.”
“Record keeping is a process that it will not happen overnight. We hope that people will take the time and it will take a process of several months to get their records in order,” said Kathy Reuter, an Educator at University of Illinois Extension.
Cesario also says even though you may have everything in order for your taxes, don’t file them too soon.
“A lot of people are anxious to get their refunds back so they file and then they get an extra piece of information later. Make sure you have everything in hand before you prepare, because if you do prepare and send them in and you get something new you have to amend your return and file again later and possibly pay.”
According to a national accountants group about half of American taxpayers prepare their own tax returns, with about 60 percent filing online. And it takes time. About half the taxpayers say they spend at least five hours on their return.
“The laws change every year so there are certain things that Leslie will contact me on and say this has changed from last year. I never would have known that,” said Subber.
Tax professionals advise it’s important to understand your taxes and now is the time to ask a professional for help if you need it.
Employers have until January 31st to get employees their W-2 forms.
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