It’s almost tax time! Now is the time to get organized before the April 15th deadline feels like its breathing down your neck.
Getting started
Start with the basics by gathering social security numbers, last year’s tax return, and bank account information (if your return will be direct deposited). New addition to the family? Make sure you have already applied for their social security number.
As a traveling healthcare professional you likely have receipts for many work related items. Gather, sort, and file the receipts into respective categories i.e. meals, uniforms, etc. Tip: I use manila envelopes to keep each category separate.
Using a database program such as Microsoft Excel, create worksheets for each receipt category. Enter each receipt amount on the respective worksheet then have the program calculate the total. When it comes to preparing your taxes the total for the deduction entry is already calculated. Also, if more receipts are added later, the total will automatically update. Do the same thing for health care expenses, rental property expenses, donations, etc. My accountant was very happy when all he had to do was input totals (I think it helped in getting my taxes done quickly). Tip: Once you are past this tax year, simply save the database for the 2015 tax year and start entering receipts throughout the year.
As your W-2s, 1099s, and other forms start arriving put them with your receipts. This will prevent those important forms from getting misplaced and lessen any last minute stress.
Click here to view a thorough checklist by TurboTax to help you organize.
Deciding who will prepare your taxes
There are many options when you file your taxes from paper forms and online services to accountants. Like anything else, do your homework first. A few of the important points to find out include experience, fees, and if e-file is used. If you will be too busy to file your own taxes, now is great timing to interview accountants before their busy season starts. Tip: Some auto and home insurance providers offer free access to online tax preparation services.
Click here for tips from the IRS to consider when hiring a tax professional.
Filing sooner than later has its pluses
It’s your money, so why wait to get it back? Besides being able to plan a home remodel or vacation, there is another important reason to file early – identity theft. If the IRS has more than one return filed for a social security number it will take longer to get the refund. Per the IRS, the typical identity theft case takes around 180 days to solve. Tip: Keep your social security number protected and make sure your computer’s anti-virus software is updated.
If you suspect that you are a victim of identity theft here are some suggested agencies to contact:
– IRS Identity Protection Specialized Unit: 800-908-4490
– Federal Trade Commission Identity Theft hotline: 877-438-4338
– Fraud departments at all three major credit bureaus
– File a report with local police
Debbie Grollmes has been with Aureus Medical Group since 2009 and currently works as an Account Manager for the Nursing Division, helping hospitals in Tennessee and Kentucky with their staffing needs. In her free time, Debbie enjoys caring for and spending time with her newborn daughter, traveling, and fishing.