Tax experts explain what you should do now before tax season
Oklahoma Institute of CPAs looks to 2025
And next Monday. Kylie. Okay, Joseph, thank you. Well, as the end of the year approaches, we're learning even more. Many people are looking ahead to next year and tax season. So this morning in the studio we have Joshua Jensen from the Oklahoma CPAS Association. Joshua, thanks for having me. thank you. good morning. Understood. So let's start with the first question here. The end of the year is approaching. People are starting to prepare for tax season. What do you need to know to prepare for next year's tax season? So, before the end of the year, individuals should clean out their closets, make donations, and collect their receipts. Small business owners, how much did you pay last December? Make sure you get it done. What do I need to pay for? So if you want these deductions, you need to get them paid by 1231. Let's talk about organizing these documents. What's important to get your order now?As you know, I tell my clients to “take it easy.” I'm an old fashioned. You should have your receipt, whether it's scanned, digital, or just a copy. Please put it in the file. So don't get overwhelmed with organization just by doing this. Please keep your receipt. When in doubt, leave it alone. What are some common mistakes? Because, like you said, when you talk about just keeping all your receipts and keeping documents that show what you've done for a year, it's easy to Because it's overwhelming. But what are some of the most common mistakes people make, and how can you avoid them next year? Let's be honest. A common mistake is that people assume that their taxes are easy and end up paying their own taxes. So unless you only have a W-2, you should probably actually consider finding a tax professional. Of course, we recommend a certified public accountant. However, it's important to note that you should not file until you have looked at last year's tax return and are sure that you have all the items and income and expenses from last year. This year. Understood. Now moving on to the next topic, what can people do right now? Are there any credits or deductibles that people need to know about to save money? You know, some of the The tax law ends next year. Do you really want to adjust when you should pay your property taxes when you factor in your mortgage interest when planning for the end of the year? Are you connected to the charity work we talked about? And… If you look at Schedule 1, you know what Schedule 1 is going to be, people are going to want to go. But this is a big list of other deductions that people should look at. And this is the key. Again, you need to hire a tax advisor. Because that's the real way to make sure all deductions and deductions are made. I want to talk about how important it is for an individual or business to have access to a CPA?I know there are a lot of small business owners looking at this right now. How important is it to have a CPA? I think it's important. I've been doing this for 32 years, and as a CPA, I understand my background, my training, and what I do year-round. But here's really the key. You can go anywhere and get information, but you need to make sure it applies to your situation. So a CPA steps in and basically puts these things together and makes sure that what you're doing actually makes sense for you. Okay. Well, I'll talk to you one last time at the end of the year. We disseminate a lot of information for people. What to do now to prepare for tax season. Please take a deep breath. Look at last year's tax return. Look what you did last year. Please keep your receipt. And when in doubt, subtract as my tax professor would say in college. got it. How can I contact the Oklahoma Society of Certified Public Accountants if I need help?They may need a certified public accountant. They want to reach out to you. How can I contact you? Thank goodness Oklahoma City CPA has some resources. Opa. Visit CPA.COM to find CPA.COM. I believe it's okay. perfection. We will post the link online as shown in the KOCO.COM section. For those preparing for tax season, it becomes very important. End of the year. Please organize these documents. absolutely. Please take a deep breath. Okay. absolutely. Let's go. That's nice. Okay. Thank you very much for your participation. Thank you for your time. than
Tax experts explain what you should do now before tax season
Oklahoma Institute of CPAs looks to 2025
Updated: December 10, 2024 7:39am CST
The Oklahoma Society of CPAs has a detailed breakdown of what you should do now ahead of tax season. To watch the full interview, click on the video player above.
The Oklahoma Institute of CPAs has detailed information on what you should do now before tax season.
To watch the full interview, click on the video player above.
