Imagine enjoying December and the New Year’s festive spirit without that sinking realization that tax season will be around the corner. It is possible if you plan to do a bit each month instead of an annual accumulation. You don’t need to go high-tech either; consistency beats complicated every time. Here are five suggestions that will make tax season easier for you – and your tax preparer!

Keep all your papers in one place. A box or designated drawer is the most basic storage plan. To make it even easier, use a different envelope for each month of the year or buy an accordion file. Put last year’s return in the same place and keep it safe in case you need to apply for a mortgage or financial aid.

Look over last year’s return. Did you end up withholding too much money every month and getting a refund? Put that money to work for you during the year, and not for the IRS. Did you have to pay in an unexpectedly huge amount? Increase your deductions – it’s not as painful to live on a bit less every month as it is being blindsided by a large penalty. What missing paperwork or items caused you (or your accountant) stress last year?

Think about and itemize changes. The following factors have significant implications for your tax bill:

• An increase or decrease in the number of dependents
• Starting or folding a business
• Taking on or paying off a mortgage
• Saving for retirement
• Credits or deductions that won’t recur next year
• A dependent starting or graduating from college or university
• Health insurance coverage

Use the luxury of time to plan ahead. Contributions to individual retirement accounts (IRAs) must be made by December 31 but you can pay into a 401(k) right until Apr. 17, 2018 and still have it recognized as part of your 2017 tax return. Taking stock of your finances now will enable you to reap the benefits of planning and foresight rather than a mad scramble just before the deadline. Will this be a high income year for you? If so, consider making larger donations to charities to reduce your tax bill. Also think about deferring bonuses or business income if you think they’ll put you in a higher tax bracket or if you know next year may be leaner.

Be aware of your eligible deductions. If you’re an entrepreneur, take advantage of every deduction for startups and small businesses. Imagine thinking that you can’t afford research and development, advertising or to attend conventions only to find out at the end of the year that many of those expenses are deductible and you could have used them to grow your business.

Don’t wait until December to speak to your tax consultant or accountant. Tax codes and rules are always changing and they’ll keep you informed of new developments and on track to a hassle-free tax year end.

Sara Poe is a CPA with over 18 years’ experience in maximizing individual and business clients’ deductions. She believes in educating and empowering her clients and is in demand as a speaker.

Visit her website to see the range of services her accounting firm – Poe’s Accounting Services – offers. Sara can be reached at spoe@poesaccountingservinces.com.