Tax time. Arguably one of the most stressful times of the year for employees, business owners, employers, and self-employed individuals. While there’s no way to avoid the necessity of filing taxes, there are some things you can do to prepare and make it easier for yourself when tax time rolls around.
Tax Tip #1: Don’t Procrastinate
Procrastinating doing your taxes only makes it harder and more stressful for you when you do get around to doing it. The only thing worse than doing your taxes is doing your taxes on a time crunch. Try to start on your taxes early in order to avoid mistakes that could cost you money.
Tax Tip #2: Keep All Tax Documents Organized
Filing taxes requires a lot of documents and documentation in the form of receipts, paystubs, financial statements, records, and more. Keep these documents organized and all in one place as they accumulate over the year to make it easier to find everything you need.
Tax Tip #3: Consult the IRS Website
By accessing www.irs.gov, you can download important documents like tax FAQs, instructions, tax forms, and tax law information.
Tax Tip #4: Utilize Free Tax Assistance From the IRS
Did you know that the IRS has a toll-free TeleTax service, which can be reached at 1-800-829-4477? This service provides you with nearly 150 pre-recorded messages about different tax topics and questions.
The IRS also offers a tax help line at 1-800-829-1040. This help line is available from 7:00 am to 10:00 pm weekdays. There is also a helpline for small businesses, corporations, partnerships, and trusts at 1-800-829-8933, which is staffed during the same hours. Individuals in Alaska and Hawaii should follow the pacific time zone when calling the help line.
Tax Tip #5: Use Taxpayer Assistance Centers
Free tax help is offered at IRS offices nationwide. Call the IRS tax help line for individuals at 1-800-829-1040 to find the nearest tax assistance center to you.
Tax Tip #6: File Your Taxes Online
The IRS e-file system is the fastest and easiest way to file your taxes online. Not to mention, the refund waiting time is half as long for electronic filings than it is for paper filings. The IRS and the Free File Alliance, LLC, a private- sector consortium of tax software companies, have formed a partnership to help qualified taxpayers electronically prepare and file their federal tax returns for free. Go to www.irs.gov and navigate to the Free File page to see if you’re eligible for this service.
Tax Tip #7: Double Check Your Forms for any Errors
Before submitting your taxes, be sure to double check all of the information on your forms to make sure your math is correct, and that your sensitive personal information, such as your name, social security number, and other forms of identification are correct.
Tax Tip #8: Get Your Tax Refund Deposited Directly Into Your Bank Account
By having your tax refund deposited directly into your bank account, you’ll reduce your risk of theft and get your refund sooner than if it was mailed. To set this up, enter your bank account and routing numbers on your tax forms.
Tax Tip #9: Don’t Panic if You Can’t Pay
If you’re not able to pay the taxes you owe, you have some alternative options. IRS installment agreement applications allow you to suggest your own monthly payment amounts and due dates. You may get a reduced late payment penalty rate by applying for this as well.
Tax Tip #10: Hire a Tax Professional
At Sorge CPA, we are committed to providing our clients with the highest level of tax preparation and tax planning services by utilizing quality analytical skills and leveraging our expertise in the tax system.
We assess your financial statements and compare them to that of previous years or periods, we optimize your tax strategies by helping you take advantage of credits and deductions to decrease your tax bill in legitimate ways, we provide a third-party perspective to your financial situation, and we reduce any potential mistakes and errors made during the tax preparation process and make tax season less stressful for you.
Contact us today to get started or learn more about our tax preparation and tax planning services.
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