Tax season is a stressful time for both individuals and businesses, but the work behind the scenes is even more demanding. Your accountant is working long hours, often up to 12 hours a day, to ensure that your returns are filed correctly and on time. But what exactly is happening during these long hours?
The Accountant’s Daily Routine During Tax Season
From early morning to late into the night, tax season is packed with deadlines, complex tax laws, and the challenge of navigating constantly changing software. For most firms, tax deadlines are non-negotiable. For businesses, the first major deadline is **March 15th**, while individuals need to meet the **April 15th** deadline.
As your accountant works to ensure these deadlines are met, there’s more than just number crunching happening. They are also managing a long list of responsibilities:
- Navigating Changing Tax Laws: Tax law is continually evolving, and this year is no exception. Your accountant must stay up-to-date on these changes and how they affect your specific situation. This means spending a significant portion of the day reviewing updates from tax agencies and interpreting their impact on your return.
- Software Adjustments: Tax software updates to reflect the latest tax laws can throw a wrench into the workflow. These software changes often mean that accountants have to relearn processes or troubleshoot issues to ensure accuracy.
- Managing Both Business and Personal Deadlines: Business returns must be filed by March 15th, and individual returns by April 15th. For accountants, this requires balancing multiple client needs and keeping both deadlines in sight at all times.
The Importance of Getting Your Documents in Early
One of the most important things you can do for your accountant—and for yourself—is to provide your documents **early**. Many clients tend to send their documents piece by piece, which makes the accountant’s job far more complicated. Imagine trying to assemble a jigsaw puzzle, but the pieces are scattered across the table in various stages of completeness.
Instead, gather all of your financial documents ahead of time and send them in one batch. This will help your accountant prepare your return efficiently and avoid last-minute scrambling. Some common documents you should gather include:
- Income statements (W-2, 1099)
- Mortgage interest statements
- Investment statements
- Deduction records (charitable contributions, medical expenses)
- Business expense receipts (for business owners)
- Tax-related forms (1098, K-1, etc.)
Summarize Your Questions
Instead of reaching out to your accountant repeatedly with individual questions, take the time to summarize them into one list. This will allow your accountant to tackle everything at once, rather than being interrupted throughout the day with one-off queries. It also ensures you don’t forget any important items.
Going Beyond 2024 Taxes: Planning for 2025
Accountants who look beyond the immediate tax year are true assets. While preparing your 2024 tax return, a skilled accountant will also be keeping an eye on your financial situation for 2025. Tax planning is not just about filing your return; it’s about building a strategy that saves you money in the future. A proactive accountant will suggest actions that reduce your taxable income or set you up for better outcomes in the following years.
- Tax-Saving Strategies: These could include retirement planning, asset allocation, or taking advantage of tax credits you might have missed.
- Tax Law Projections: If there are anticipated changes to tax law that could impact you, a proactive accountant will advise you on how to adjust your financial plans to minimize tax burdens.
Bonus Points for Offering Retirement Advice
At Accavallo & Company, we believe that your accountant should do more than just prepare your taxes. The most valuable accountants are those who offer **retirement planning** advice, helping you build a future beyond just tax season. Whether it’s contributing to an IRA or making strategic decisions about when to withdraw from your retirement accounts, retirement planning is an integral part of the tax process.
A Team Approach to Your Financial Success
At Accavallo & Company, we take a **team approach** to your finances. We don’t just stop at tax preparation. We work closely with your **investment advisors**, **attorneys**, and **bankers** to create a comprehensive support network for our clients. This holistic approach allows us to craft a financial strategy that addresses all of your needs, including tax planning, investment management, legal considerations, and more.
In the end, your accountant’s 12-hour workday during tax season isn’t just about filing returns. It’s about providing you with peace of mind, saving you money, and helping you plan for the future.
Take Action Now: Get Your Documents Together
To make sure your tax season goes smoothly, start preparing your documents now. By sending everything in early and in a complete package, you’ll help your accountant work more efficiently and allow them to provide the best possible service. And if you’re working with a firm like Accavallo & Company, you’ll be getting much more than just tax filing—you’ll be setting yourself up for long-term financial success.
Reach out to us today to see how we can work together for your best financial future.
