'Tis the Season... For Income Tax Planning

While most Americans are thinking about football season, the MLB baseball playoffs, the coming NBA season, hockey or the upcoming holidays, savvy financial professionals are advising taxpayers to think about their taxes.

April 15, 2015, may seem like a long ways away, but right now is when U.S. taxpayers should be discussing tax-minimizing strategies with their CPA, EA or other accredited tax professional.

A new blog from Robert Half, the world’s largest finance and accounting staffing company, gives 10 great reasons why now is the time to talk to your “tax person.”

“Tax season may sneak up on individuals, but it should never sneak up on businesses. Yes, it’s September, not April, but it’s already time to start preparing to close the books on 2014 for your clients or your company. Gear up by making sure you have the staff, resources and processes in place to sail through the busiest time of year.”

It’s their blog, so we won’t spoil it all. Here are the bottom three of their list. To see the full Top 10 Checklist, view it at their website.

8. Strategize the review process

Decide how you will review and approve tax returns before they’re sent to clients. Plan which of your staff members will look for specific issues and which staff members will help to resolve those issues.

9. Share the love

No matter how well you planned your staff and hiring, your tax professionals will work longer hours and endure more stress than at any other time during the year. Make sure you recognize their hard work with bonuses, if possible, or smaller gestures such as ordering lunch or distributing gift cards. Always remember to sincerely say “thank you.”

10. Learn from the past

What made last tax season difficult? Identify any problems you encountered, and put a plan in place so you don’t repeat them this year. Likewise, take the time to document any problems you encounter this year so you’ll be even better prepared for next year.

With the right preparation, crunch time doesn’t have to be crush time.