Gearing Up for Tax Season

Whew! You finally checked off that last gift for Aunt Rose from your holiday shopping list, and boy is it a good feeling! Now you can finally move on to something else. How about starting on a list that’s even more exciting … your preseason checklist!

How you prepare for tax season can have a lot to do with how smoothly your season goes. A well-organized office that has prepared for the upcoming months can make the sailing much smoother during a fast-paced time. Here are some other important steps you can take to ensure your office is prepared.

Preseason Checklist

• Order Tax Preparation Software. Look for a software package that includes everything you need and has experience you can trust. Consider Drake Software.
• Verify Your Office Equipment Meets System Requirements. Does your hard drive have enough available space? Is your network operational? Are your printers compatible?
• Install And Test Your Tax Software Package. Hopefully you’ve chosen software that’s delivered early. Over 20,000 Drake Software customers have already installed their federal shipment and are using test returns to become familiar with new enhancements.
• Purchase Office Supplies. Don’t forget toner, paper, pens, and folders.
• Test Printers. Test any new setup features included in your software. Make sure barcodes print correctly and you understand how to choose which forms print and how to print sets.
• Mail Organizers Or Letters. These are great tools to help ensure clients have the right information ready for you when it comes time for their appointments.
• Educate Yourself On Tax Law Changes. This Desk Reference is a great way to start learning this information. Online research, the IRS website, and state tax departments are great tools as well.
• Learn New Phaseout Limits. Be prepared to explain to your clients why they may no longer receive the same benefits they’ve received in the past.
• Begin Preseason Scheduling. This will help you get a jump-start on tax season. It will also help those clients who are eager to file see you as soon as possible.
• Train Your Staff. Make sure everyone understands their duties and is familiar with the software. Once tax season hits, you may not have time to review.
• Order Tax Research Materials. Some software vendors offer online tax research in their suite of products. Drake Software, for example, includes complimentary access to RIA’s Checkpoint online tax research and a discount on the RIA Federal Tax Handbook.
• Update Filing System. If you’re considering going paperless, make sure you’re familiar with the steps you will need to take in order to be successful. If you prefer the paper route, make sure you shred any unnecessary paperwork to free up additional space.
• Establish Billing Amounts. Setting up your billable amounts in your software now will save you a lot of time later.
• Determine Incentives Or Rebates. If you plan to offer rebates or incentives, make sure the process is well thought out. This will eliminate kinks in the midst of your busy season.
• Research And Verify E-filing Requirements. Many states now enforce e-file mandates. Make sure you’re familiar with these requirements.
• Sign Up With A Bank If You Plan To Offer Bank Products. Signing up now will help you avoid delays when it’s time to process that first bank product. You may need to complete an application with your software vendor, too.
• Execute Your Marketing Plan. Consider running radio spots, hanging posters or banners, and encouraging word-of-mouth marketing. Drake Software offers marketing ideas online at www.DrakeSoftware.com/marketing.

From January 2007

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