Tax-Time Do's and Don'ts

• Organize your documents. Tax check list will help you to gather your paperwork. Start with file folders and use one for each category such as charitable contributions, W-2 forms from jobs, income from rental properties, medical expenses, etc.   If you are not sure if you should keep a particular piece of paper – keep it!  Ask a reliable tax preparer about it's necessity and then act accordingly. 

• Start Early.  Even if you think you are organized, chances are that one or two pieces of paper – an earnings statement mistaken for junk mail or a misfiled receipt – will have gone astray.  Build in at least two to three weeks to accommodate those types of surprises.  Don't wait until the last minute - mistakes are more likely to be made if it is rushed .

• Make appointment with your tax preparer in early February to avoid the March and April madness. Tax business has a very short window and you don't want to drain the Tax accountant in the eleventh hour.

• Do efile and don't do paper filing.

• Funding an IRA can save money. Be prepared with the retirement money to contribute to IRA before April deadline.