Shortly after Thanksgiving is when I begin preparing for tax season. I begin by making a list of documents that I’ll need in order to file my taxes.
I also create a list of donations and a total worth of all of my donations.
For my investments I make a note to wait for the appropriate documents neccesseary to file my gains and losses with the IRS.
If I have sold any property I am sure to sit down with my husband to decide whether we will report or capital gains or whether we will complete 1031 Exchange.
Whatever you must do, Novemeber is a good time to begin the process. Planning ahead makes tax time less stressful.
Finally, we check our accounts to be sure that we are where we need to be in or Tithes and offering. We check our “tithes & offering” statements against all of our income deposits. Our giving must equal at least 10% of our income.
There are many guides that can be accessed online that can help you begin to prepare for tax season. We are called to be good stewards over what God has given us and to give unto Ceasar (IRS) what is his.
Have a blessed day.