How to Prepare for Tax Season: A Month-by-Month Checklist

Tax season can be overwhelming, but with proper planning, you can make the process smoother and less stressful. Here's a month-by-month checklist to help you stay on top of your tax preparation all year long:

January – February:

• Organize Documents: Start by gathering all necessary tax documents, including W-2s, 1099s, receipts, and expense records.
• Review Last Year’s Return: Look over your previous year’s tax return to understand what forms and documents you’ll need.
• Consult Your Tax Professional: Schedule an initial consultation with your tax advisor to discuss any changes in your financial situation.

March – April:

• File Your Taxes: Complete your tax return and file it by the April 15 deadline. If you need more time, file for an extension.
• Make Payments: If you owe taxes, make sure to pay them by the April deadline to avoid penalties.

May – June:

• Review Quarterly Payments: If you’re self-employed, ensure you’re on track with your quarterly estimated tax payments.
• Update Records: Keep your financial records up-to-date, and organize any new receipts or documents.

July – August:

• Mid-Year Financial Review: Assess your financial situation and make any necessary adjustments to your budget or tax strategies.
• Plan for Deductions: Consider potential deductions for the year and plan any purchases or expenses accordingly.

September – October:

• Third Quarter Payments: Make your third quarterly estimated tax payment by September 15.
• Year-End Planning: Start thinking about year-end tax strategies, such as charitable donations or retirement contributions.

November – December:

• Finalize Contributions: Make any final contributions to retirement accounts or other deductible expenses.
• Review and Organize: Review your records one last time to ensure everything is in order before the year ends.

By following this month-by-month checklist from Peggy's Family Tax Service, you'll stay organized and well-prepared for tax season, reducing stress and ensuring you're ready to file on time. Consistent preparation throughout the year with our guidance makes tax filing a breeze.