Tax season is right around the corner – are you ready? The many things to remember, check off, and fill out can make filing your taxes difficult. Add the influx of scammers and it can be downright frustrating! Not to worry, we have you covered. Whether you are planning to do your taxes or hiring a professional firm, we have put together a list of tips to get you through this hectic tax season!
Filing On Your Own?
When preparing and filing your taxes, there are a few things to check off your list. First, it is important to take precise safety precautions. Scammers are more prevalent during tax season, so beware of anyone contacting you to help you with filing or claiming to be from the IRS. If someone calls claiming to be with the IRS or another government agency, ask them for their name, identification number, and contact number where you can call them back, then hang up and see if you can verify the call. Also, anyone who demands immediate payments using gift cards, money orders, or wire transfers should be reported to your local authorities.
Guard your personal information by only using verified and protected websites to file. Be sure to check your mail for notices from the IRS that more than one tax return was filed in your name. If this happens, contact the IRS and fill out an IRS Form 14039 Identity Theft Affidavit. Also, if you find an unexpected tax refund in your account, or someone calls to tell you that your refund is incorrect, you should contact the IRS immediately to report the scam and find out how to return funds for which you did not file.
Once you are ready to file, make sure you have all the financial documents you will need, including W-2s, 1099s, and any receipts for deductions. Making sure you have all of your documents ready before filing will ensure you are not missing any information and help you to avoid any errors.
Next, fill out any required forms, paying attention to each question and instructions. Calculate your deductions and see if you qualify for any credits. Double-check your answers and submit your taxes to the IRS even if you cannot pay yet, to avoid the failure-to-file penalty. Make sure to file both federal and state returns at the same time to avoid any confusion or mistakes.
One of the biggest risks involved in filing your taxes is the possibility of making errors. Minimize errors by double-checking your work or having someone review it. Preparing taxes can be time-consuming, so we encourage you to start early and break the process into manageable steps.
Considering a Professional Accounting Group?
If you are looking for help with filing your taxes, you want to be sure you are hiring the group for you. When searching for professional tax help, be sure to check their credentials and experience. There are many fines and consequences that come with making errors when filing taxes, so choosing a group that knows what they are doing and can handle the tax filing process is crucial. Read the entire contract and compare the total cost to others to make sure you are getting the best price.
The professional team at Warren Accounting Group has years of experience in tax preparation, is compliant and up to date with all tax laws and regulations and can prepare your return with ease. The tax filing process can be extremely stressful and confusing. When you hire Warren Accounting Group, we can help you navigate any tax disputes or audits. Save time, maximize deductions, and know that your taxes are done right when you work with us. Schedule a meeting with one of our experienced professionals today, at 252-827-5259.