Hyden, Miron & Foster, PLLC Law Blog

Thursday, March 17, 2022

Preparing for Tax Day

The looming countdown to Tax Day 2022 has officially begun. April 18th marks the federal tax filing and payment deadline. While many are sent scrambling at this time, it does not have to be this way. There are steps you can take to stay cool, calm, and collected this tax season. Here, we are going to provide you with some tips on preparing for tax day so that you won’t need to join the tax season scramble.

Preparing for Tax Day

First thing first. Get all of your necessary tax paperwork together. Yes, this is easier said than done as this documentation can be quite extensive, particularly if you have significant financial holdings, diversified investments, or own your own business. Regardless, this needs to be done, and the sooner, the better. The documentation and information that you may need to gather includes:

  •  Incoming earning tax forms such as your W-2 or 1099
  •  Charitable contribution records and receipts
  •  Your 2021 tax returns
  •  Mortgage interest payment records
  •  Property tax payment records
  •  Child care expenses
  •  Medical costs

Before, during, or after gathering this necessary documentation, you should also consider getting assistance from a tax professional. While a solid portion of U.S. households files their own tax returns, many also have fairly simple tax situations. If you own your own business, have complex financial investments, or have other potentially complicating factors, retaining a tax professional to assist in your tax filing can prove invaluable. Such a person can help ensure that you have gathered the right tax documentation needed to file as well as help you take full advantage of any available deductions or credits. When you work with a tax professional, you can get advice on your own unique tax situation and can maximize the benefits accordingly.

Speaking of maxing out tax advantages, this is also something you should prepare for prior to tax day, regardless of whether you are hiring a tax professional or not. While the tax year ends in December, filers still have until tax day to max out tax-advantaged accounts in order to reduce taxable income. For instance, if you have an individual retirement account (IRA) or a health savings account (HAS), you have until Abril 18, 2022 to max out your contributions for the 2021 tax year.

While you are going through the tax preparation process, be wary of any phone calls, emails, and other messages you may get from people claiming to be associated with the IRS. Tax season breeds scammers looking to take advantage of those stressed with the filing process. Know that neither the IRS nor the U.S. treasure is ever going to call you on the phone. Anyone claiming to work for these entities is attempting to perpetrate a fraud on you.

Now is also a great time to plan for your future taxes. “Wait!” You may be thinking. One tax season at a time seems to be more than enough to handle. Understandable, but while you are in the midst of your tax documents, it can be a convenient time to do things like updating any beneficiary designations that need updating. This can have a big impact on the future taxes of your listed beneficiaries.

Tax Attorneys

As we enter the full-blown tax season, the dedicated team of tax attorneys at Hyden, Miron & Foster is here to help. We are also here for you after tax season should you be contacted by the IRS. Remember, IRS issues will not go away. Do not ignore them. We can help! Contact us today.


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