Every day is tax day

As one might expect, tax season doesn’t end on April 15 for employees at ABS. “We’re working on taxes all year long,” says Billie J. Hooper, who co-owns the business alongside Coni Blevins. “It’s hustle, bustle crazy, but I enjoy it. There’s not many days off between January and May. Then it ramps back up again in August for tax deadlines in September and October. People think it ends at a certain time, but it really doesn’t. Taxes are very demanding.”

Regardless of whether taxes come due on April 15, or another day throughout the year, Hooper has one important piece of advice. “Start as early as you can,” she says. “The later it gets, the more issues may come up. Don’t wait until the last minute and make it more difficult for yourself.”

Timely Tax Advice

Life changes from year to year, and so do finances. That means the tax bill will adjust, too. Here are a few simple tips for tax preparation:

• Take advantage of pretax opportunities and employer matches

Everyone likes free money, and you should make the most of retirement contributions from your employer. It can help lower your tax bill, and your contributions will compound tax-deferred.

• Plan for changes from life milestones

Life events, like getting married or having a child, can alter how you approach your taxes. Even job changes or moving expenses could impact how much you owe.

• Be prepared Documents are key for taxes. Receipts, information on charitable donations, vehicle registration files, medical expenses — the list goes on and it’s all worth a look at tax time.

• Protect your identity

Suspicious calls and emails which claim to be from the Internal Revenue Service are common around tax time. Use caution. Questions or issues from the IRS will be discussed in a letter. The IRS doesn’t use email, text messages or social media to inquire about tax debts or refunds.

• Research potential deductions

Everything from home property taxes, to energy-efficient home improvements and an electric vehicle purchase could help you save money.

• Decide if you need help

There’s no doubt that taxes can be confusing. Professional tax advice and preparation help could save you time and money. Plus, the peace of mind from knowing your taxes were done correctly is priceless.

• File and pay on time

Tax day can be different depending on your unique situation, but regardless of when they’re due, filing and paying on time is just common sense. By doing so, you’ll avoid potential added interest and penalties, or even the possibility of losing future refunds.