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Can I prepare for income tax filing throughout the year?

Everyone dreads tax day. For the most part, it falls on April 15. There are times, like in 2018, where it was extended a couple of days for a few reasons. Some people wait until the last minute to gather all of the required documents for their income tax filing. Others prepare throughout the year, so there are no surprises and they don't miss anything. So, can you prepare for income tax filing throughout the year?

If you are married, you need to talk about taxes with your spouse often. It doesn't have to be daily, but it should be a discussion that occurs frequently. Make sure they put aside important tax documents they receive from their employer or give them to you if you are in charge of the household paperwork.

You need to track all of your receipts, especially if you operate a business in your home. Whether you keep paper copies of your receipts, take pictures of them or upload them to the cloud, you need to have record of them one way or another.

Check in with your financial advisor, accountant or tax attorney throughout the year. Let them know how you are doing and if there are any upcoming changes to the tax law that could affect how you file.

Review your finances often. Take a look at how much money you have coming in, how much is being put into savings accounts and what your monthly expenses total. Try to put money aside each month for any return you might have to pay come tax day.

Filing income tax is required by law. There's so much you can do in preparation for the deadline throughout the year. Make sure you are prepared ahead of time, so anything that crops up can be handled without having to rush through it.

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