6 expert strategies for managing tax return season successfully

Published on October 31, 2023

Tax season can be a daunting time for individuals, business owners and accounting professionals.

What makes this period challenging? The complexities of tax laws, the meticulous record-keeping requireexpensd, as everyone seeks to maximize deductions.

However, you can navigate tax season efficiently and remain stress free by following the right strategies.

In this article, we will provide you with six expert tips on how to navigate tax season successfully.

6 tips for surviving the US tax return season

The keys to good preparation aren't particularly complicated. Here's how to get ahead.

1. Prepare early

One of the best ways to reduce stress and avoid last-minute mistakes is to start preparing for tax season beforehand.

The best strategy is to gather all of your financial documents: income statements, expense receipts, investment records; in addition include business records if you're self-employed.

Once you have all of your documents collected, research the latest tax laws and regulations to identify potential deductions and credits that you may be eligible for.

You can find the latest tax information on the IRS website.

2. Use specialized software tools

Accounting professionals and business owners can streamline their tax season processes by leveraging specialized software tools.

Accounting practice management software such as TaxDome, Karbon or Canopy can help firms automate workflows and save time on client management, as well as provide secure document storage, client communication tools and other useful features.

To simplify just a particular part of a firm’s everyday tasks, such as payroll or bookkeeping, business owners can use software like QuickBooks and Xero.

There are also separate tools available for document management, signatures, email automation and more. But modern accountants prefer using practice management software that has all these features built-in.

3. Embrace tax-saving approaches

Maximizing your tax savings is a fundamental goal during tax season. To achieve this, focus on identifying eligible tax deductions and credits.

For individuals, common deductions include:

Medical expense deduction. You may be able to deduct your medical expenses if they exceed 7.5% of your adjusted gross income. This is especially helpful for people who have chronic health conditions or deal with large medical bills.
Education tax credits. For example, if you're paying for college tuition you may be eligible for such tax credits as the American Opportunity Tax Credit.
Itemized deductions. You may be able to deduct a variety of expenses, such as mortgage interest, state and local taxes and charitable contributions if you itemize your deductions.

There are also deductions related to business expenses, such as:

Home office deduction. You may be able to deduct a portion of your home expenses, such as mortgage interest, property taxes or utilities, if you use your home for business purposes.
Depreciation. You can spread the cost of certain assets over their useful life. This can be valuable for businesses that own expensive equipment or vehicles.
Pass-through deductions. Some businesses, such as sole proprietorships, can “pass through” their profits and losses to their owner’s individual tax returns.

It’s also a good idea to maximize contributions to tax-advantaged retirement accounts like 401(k)s or IRAs, which can reduce your taxable income.

4. Seek professional assistance

If you have a complex tax situation, it's best to seek extra assistance. A qualified and experienced tax professional can ensure that you're following tax laws accurately and maximizing your deductions and credits.

Experienced certified public accountants (CPAs) or enrolled agents can provide valuable expertise and ensure that you're following tax laws accurately. Here are some tips on how to find them:

Ask for referrals from friends or business associates to find a reputable professional
Search online directories that list tax and accounting professionals. Some popular directories include The American Institute of Certified Public Accountants (AICPA) and other
Find local tax and accounting firms online in your area and contact them to learn more about their services and fees

A trustworthy tax professional can help you avoid potential pitfalls during tax season and save you money.

5. Prioritize stress management and wellness

Tax season can be stressful, especially with strict deadlines and financial pressure. It's crucial to prioritize stress management and wellness during this time:

Set goals and deadlines that you actually can accomplish
Take breaks throughout the day to remain attentive
Delegate certain tasks to alleviate your workload
Explore tax software that can automate repetitive tasks
Participate in professional networking events to share your experience with peers for fresh insights and emotional support

In addition, such mindfulness practices as meditation or yoga can help you stay relaxed but focused. Taking care of your physical and mental health is essential for maintaining productivity.

6. Adapt and learn

Tax laws and financial management practices are continually evolving — this is why it’s better to be open to learning new things to stay ahead.

Consider professional development opportunities, such as tax seminars or online courses, to expand your expertise. They often cover a wide range of topics, including:

Tax law updates: the latest changes to federal and state tax laws and new tax planning strategies
Tax preparation and compliance: tips on how to prepare and file tax returns for individuals, businesses and other entities; tax compliance requirements and common tax mistakes
Tax technology: tax software overviews and how to use these tools to streamline tax preparation and compliance processes

In particular, here are some educational events worth visiting:

AICPA Tax Conference is one of the largest and most comprehensive tax conferences in the United States with a variety of sessions on such topics as including individual taxation, business taxation, estate planning and more
NATP’s Taxposium is another popular tax conference that offers various sessions on tax preparation, tax compliance, and tax planning for individuals and businesses
Scaling New Heights is a leading accounting technology conference and one of the country's largest gatherings of accountants and bookkeepers

Staying current in the field ensures that you can adapt to changes and continue to make informed financial decisions.

Bonus tips

Here are some extra tips on how to survive the tax season successfully:

File your taxes electronically. This is the fastest and most accurate way to file your taxes.
Use secure tax preparation software. This will help to protect your personal and financial information.
Keep a copy of your tax return and all supporting documentation for a couple of years.

To sum up

As tax season approaches, remember that there are efficient strategies that will help you survive it:

Prepare beforehand
Use specialized software tools
Embrace tax-saving approaches
Seek professional assistance
Prioritize your health and use stress management techniques,
Adapt and learn continuously

By following these expert strategies and tips, you can approach tax season with confidence, knowing that you have a well-structured and informed plan for optimal financial outcomes.

Spend management

Spendesk Team

Spendesk has one goal: to remove the hassle of spending at work.

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Close the books 4x faster, collect over 95% of receipts on time, and get 100% visibility over company spending.

Business spending includes different types of spend:

Strategic spend is usually centralized and managed by C-level executives with dedicated spenders. It can be managed through invoices, wire transfers and purchase orders.
Discretionary and operational spend is also centralized, but spending is done by managers and employees during their daily professional lives. It includes card purchases, subscription payments, digital ads, events, office orders, and business travel.
Expenses, unlike strategic spend, represent a significant amount of small purchases that can be difficult to track. These include card payments, expense claims, team perks, and travel expenses.

Spend management is the process through which companies manage business spending. It takes into account the end-to-end process when someone needs to spend: getting purchase approvals, providing payment methods, submitting and processing invoices, submitting and reimbursing expense claims, chasing receipts and invoices for reconciliation, and assigning the right analytical codes, expense accounts, and VAT rates to all those expenses for bookkeeping.

Spend management tools become necessary when the number of employees increases and the need for clear processes, better visibility and control starts to grow for finance teams.

Employees need flexible, user-friendly tools, in order to spend easily and be empowered to do their job.

That’s when Spendesk can be a good fit.

Spendesk provides payment methods for modern businesses, and a powerful platform for finance teams to manage spending. This includes debit cards to replace old-fashioned company credit cards, virtual cards for online purchases, and automated expense reports for unexpected payments.

For employees
Employees no longer need to spend out-of-pocket. They request funds for a particular purchase, and can use their Spendesk card or virtual card to execute the payment.

If for any reason the employee can’t use their Spendesk card, they snap a picture of the receipt via the Spendesk mobile app and create an expense claim on the spot. This is sent directly to their manager for validation, and on to the finance team.

For finance teams
Each employee has their own Spendesk profile and debit expense card. So unlike the company credit card, you always know who’s spending company money.

The platform lets controllers create spending limits and pre-approvals. C-Level executives or managers will have a different level of pre-approved spend from other staff. Should a team member need to go over their pre-approved budget, they can make a request to their manager via the mobile app or the platform online.

When an expense is made with a Spendesk card, the employee simply snaps a picture of the receipt at the time of purchase. Which means no more lost receipts.

Finance teams can see real-time company spend and follow up on missing receipts or invoices by sending reminders to employees via the platform.

Reviewing expenses is also easier as finance teams can group expenses and assign them the right VAT rates and expense accounts before exporting everything easily to their accounting tools.

Spendesk streamlines the whole business spending process, making spend management intuitive, simple and efficient.