Neat's Tax Expert Provides Insight Into Simplifying Tax Prep Process

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Staying Organized Year-Round Saves Money, Time and Stress when Filing Taxes

Neat®, the industry leader in Smart Organization Systems for the small business and home office, recently asked some of their accounting and bookkeeping experts for their go-to tips and tactics to ease tax-time stress.

Between impending deadlines, complicated rules and guidelines, and an endless amount of vital paper documents, tax preparation is a complex process for even the most experienced professionals. According to CPAs Dan Franks and Andrew Argue, the best way to reduce the difficulties of tax season is to get organized ahead of time.

“While preparing for tax season is a year-long process, now is the time to get serious about how you organize your tax documents,” said Argue, a CPA and the CEO of Ten Key Heroes, a marketplace for hiring accountants for individuals, small businesses and corporations. “Depending on your work and life situation, your filing process can get complicated.”

Argue’s list of important tax related documents include:

Personal information you will need:

  •     Social security number
  •     Copy of last year’s return
  •     Bank account and routing number

Tax forms you may need related to your income:

  •     A W-2 form from your employer if you’re employed
  •     A 1099-MISC from the companies your provided service to if you’re self-employed
  •     A 1099-S if you had a sale of property
  •     A SSA-1099 if you receive social security
  •     A 1099-INT, DIV, B or K-1’s if you had any investment income
  •     Any records of rental income

Tax forms you probably need for adjustments to your income:

  •     A record of IRA contributions made during the year
  •     A 1098-E form from the lender if you pay student loans
  •     A record of any alimony paid during the year

Deduction forms you may be able to take advantage of:

  •     A 1098-T form from the University if you pay education tuition
  •     The provider’s name, address, tax ID and amount paid if you had child care expenses
  •     A 1098 form from the lender if you make mortgage payments
  •     Any forms supporting charitable donations
  •     Any records detailing medical or dental expenses

Locating, printing and completing every tax document by hand is a time-consuming process that can be incredibly daunting. Most tax professionals, including Franks and Argue, recommend taking advantage of e-filing.

Filing Tax Documents Electronically

Tax professionals, now more than ever, are urging individuals to consider submitting tax documents to the IRS through the internet, or e-filing. E-filing is a safer, more efficient process than mailing physical tax documents to the IRS because e-filing prevents your documents from getting lost or arriving late.

“E-filing should be a no-brainer for those who qualify,” said Franks, a CPA who specializes in tax consulting, tax planning and tax compliance for small business owners and entrepreneurs. “When you file electronically, you get a timestamp on your file, letting you know with 100% certainty that the return has been received by the IRS. This takes away any chance of it being lost in the mail, or the more likely issue—being lost by the IRS.”

The IRS offers an approved list of e-file providers, and as long as individuals make under $60,000 a year in taxable income, it’s completely free. E-filing is more accurate and simpler than sending documents through the mail, so e-filed tax returns will be processed faster, and in turn, refunds will be delivered much sooner.

Simplifying the Tax Process with Neat

Neat’s ecosystem, which is comprised of a cloud-based application, mobile and desktop software, and hardware scanning solutions, not only organizes all vital tax documents, but also digitizes them. This not only makes e-filing a breeze, it allows users to stay up-to-date on their taxes year-round.

“Utilizing tools like NeatConnect allows you to scan important documents as soon as you receive them, helping to reduce paper clutter while preserving what is important,” said Franks. “Come tax-time, it is as easy as emailing everything scanned in that year to your tax preparer, and you’re practically done. This saves you money that you would otherwise be paying your tax preparer to dig through the dreaded shoebox of tax documents.”

About Neat®
Neat is the leading provider of Smart Organization Systems for the small business and home office markets. Neat’s unique combination of cloud-based applications, mobile and desktop software, and hardware scanning solutions transform important documents into usable digital information. Neat helps users organize, access, and share those digital documents by simplifying everyday tasks and facilitating information workflows so small businesses have more time to get to what matters.

Media Contact:
Jessica Fitzgerald
267-608-1200 ext. 509

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Jessica Fitzgerald
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