Tax season 2018 is on the door. Plan ahead and avoid common last-minute mistakes to have peace of mind and save your time and money, by following these important five tips.

1. 5 Tips
How To Prepare
For Tax Season
2018

2. The road to 2018 tax
preparation season
is almost here, and
it’s time to get
ready!

3. Tax season can be a
stressful and confusing
time for many,
especially,
for new businesses that
are filing for the first time.

4. However, proper
organization and
preparation will not only
provide peace of mind, but
it can also save your
precious time and money.
Plan ahead and avoid
common last-minute
mistakes by following these
important five tips.

5. 1. Plan and Organize
It might be easy to prepare taxes but
without careful planning and
organizing documents, it is like setting
off on a journey without a roadmap.
Planning in advance not only help
you avoid common tax mistakes,
complications from IRS but also saves
a lot of time and in many instances,
money.

6. Gather all documents required to complete your tax
returns. These may include:
• Bank statements
• Last year’s business tax return
• Partnership agreements
• Business and personal credit card statements
• List of income and expenses
• Insurance premiums
• Transport and travel
• Payroll information
• Other deduction related documents
Proper planning and organizing documents ensure
an easier and early tax filing.

7. Deciding whether to hire a certified
public accountant or do your taxes
your own is one of the important
decision you should take ahead of
tax season.
Before reaching to a decision,
answer the following questions:
• How much time do you have for
preparing tax season?
• How complex are your taxes?
• How much are you willing to
spend on CPAs or tax software?
• How much experience do you
have with dealing IRS?
2. Hire a CPA

8. Hiring a CPA means bringing onboard a professional who offers tax
expertise and ability to file taxes quickly and create more tax savings for
you.
These licensed professionals are more familiar with tax laws, IRS audit,
financial analysis and formulating business accounting plans.

9. If you haven’t done so, it is high
time you sign up for an IRS
account.
The benefits are many. You can
download a transcript of your
tax return information,
information about refunds and
get technical support on tax
return process.
3. Create an Account on
IRS.gov

10. It’s also important to sign up for
your IRS account because it’s
frightfully easy for hackers to do it
for you.
They can create an account in
your name and steal your personal
and tax related data, according to
the story of an unlucky man
named Michael Kasper.

11. Whether you prefer accounting
software such as QuickBooks or
tax preparation software such as
TurboTax, Lacerte, or Drake
software, it’s time to choose and
setup a system for your
accounting needs.
Both desktop and cloud-based
accounting system have their
own advantages, but it’s good to
know which one fits your needs
the best.
4. Set up Your
Accounting System

12. • Make sure to use a cloud accounting
software which enables anytime,
anywhere and simultaneous access to
your accounting data.
• Make sure to try before buy.
• Make sure to know which version will fit
your needs – Basic, Deluxe or Premium
• Make sure to know how much support
and help you require with software.
Use these tips to choose a best
accounting/tax-software for your
business.

13. You should take into consideration
the risk of identity theft and other
tax frauds.
Do not share your personal
information, tax filing details with
anyone without proper reasoning
and the devices, on which you
work your taxes, must be secured
as well.
5. Beware of Frauds

14. There are dozens of tax scams and
frauds, the most common include
Phishing and Malware Scams,
Impersonation Scams, Identity Theft and
Fake Charities.
Also remember, if you become a victim
of any tax scams, don’t hesitate to notify
the IRS about the same.

15. The more thorough and prepared you are,
the better your chances of avoiding an IRS
tax audit and enjoying a hassle-free tax
filing process.
Another tax season is just
starting!

16. About Us
Ace Cloud Hosting is an Intuit authorized
Premier Reseller and commercial host for
QuickBooks software and a leading tax
software hosting provider to CPAs,
bookkeepers, startups and SMBs.
As winner of 2016 Accountex USA User
Favorite Awards for hosting category, we
provide cloud accounting solutions and
hosting of software such as Lacerte,
Drake, ProSystem fx Tax etc. that enable
startups and SMBs to run their whole
accounting better.
Visit us at www.acecloudhosting.com or
call us at +1-855-219-0431

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18. References
5 Ways to Prepare for Tax Day – CNBC
6 Steps to Prepare For Tax Season – Huffington Post
8 Wa s You Can Prepare Now for Ne t Year’s Ta es – US News
Tax Season Alert: Watch Out for These 3 Common Scams – Ace Cloud Hosting
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