Avoid the April 15 Blues - Take a Step-by-Step Approach to Your Taxes This Year
Avoid the April 15 Blues - Take a Step-by-Step Approach to Your Taxes
This Year
It is no wonder
so many Americans dread the April 15 tax filing deadline. The U.S. tax code
already contains more words than the Bible, and hundreds of pages of new rules
and regulations are often added.
With so much
complexity, it is no wonder so many of us put off filing our taxes until the
last possible minute, but taking that approach introduces its own stresses and
can potentially land you in hot water with the IRS. What if you do not get it
done on time? You can file for an extension, but you are still required to pay
the taxes you owe plus penalties and interest. How do you know you didn't make
a mistake with your last minute tax filing? Something as simple as a
mathematical error could increase the odds of an audit and put you in the
crosshairs of the IRS.
We specialize in
helping people who owe $10,000 or more to the IRS or have years of unfiled tax
returns, so we’ve seen our fair share of mistakes made by innocent taxpayers.
If you have any tax trouble or owe more than $10k to the IRS or state but can’t
pay in full, contact our firm today. We help people find tax relief! Contact us today at (470) 305-1233.
That said, we
recommend taking a methodical and step-by-step approach to preparing and filing
your taxes and avoid burying your head in the sand on April 15th. As with any
unpleasant and complicated task, breaking your taxes down into smaller and more
manageable chunks can make things easier. This year, vow to take a step-by-step
approach to your tax return. If you follow these simple steps, you could be
done with your taxes before you know it.
Step 1 - Set Up a Command Center
Chances are you
will start receiving tax documents in early January, and you may still be
receiving those documents in March. That means you need a convenient place to
keep all those documents. Setting up a command center in your home makes it
easier to store those documents and keep them at hand.
If you have a
home scanner, take a few minutes to image each document as it arrives. Set up a
special folder on your computer or cloud storage service to hold all those
documents. Those electronic copies can be invaluable if the originals are
damaged or destroyed.
Step 2 - Choose A Good Tax Preparation Service (But Use A Tax
Resolution Service For More Complicated IRS Issues)
While they cannot
make the task totally painless, tax preparation professionals do make the
process a great deal easier.
Keep in mind, if
you owe multiple years of taxes and have multiple years of unfiled returns, we
recommend reaching out to a tax resolution firm that will understand your
unique situation and find the tax relief you need. Most tax preparers aren’t
trained in complex tax resolution, so find the right firm to help you with your
case.
Step 3 - Enter Your Tax Documents As You Get Them
One of the great
things about technology is that you organize and file each tax document as you
get it, often you can download all your tax documents from various online
services. For example, your direct deposit payroll service will give you your
W2 and different vendors provide statements and 1099’s online. If the mailman brings you a 1099-INT or a
W-2, you can simply scan things as they come in.
Just open each
document, scan it to create an electronic backup and log on to your favorite
secure cloud storage to file your documents. Whether you get five tax documents
a day or just one, entering the information now can save you time later on.
Step 4 - Review Your Documents and Final Tax Return
After you think
you have all your documents organized and your tax return is ready to file, the
next step is to review everything and make sure there aren’t any obvious
issues. Go through the paper and electronic copies and check each one off on
your tax return. If any of those documents are missing or anything is wrong, go
back and enter them right away.
Step 5 - Bring It All Together
Now that the
final review is complete and all the documents have been entered, it is time to
bring it all together and actually file your return. Your tax prep professional
should include a series of checks designed to catch common errors and point out
audit flags. Be sure to ask questions and correct any problems you might find.
Be sure to print off a copy of your tax return and save an electronic version
to your computer.
Nothing can make
filing taxes fun, and this annual chore will never be a pleasant one. Even so,
you can make the task less taxing by breaking tax filing down into its
component parts. Following the steps outlined above can help you deal more
effectively with your tax bill and all the complexities of the tax code.
OWE BACK TAXES?
Our firm
specializes in tax resolution and helping people who owe the IRS or state $10,000
or more. We’ve seen taxpayers get blindsided every year by a huge tax bill and
often falling behind on their taxes for years on end. If that’s you, we can
help. Contact our firm today to discuss your tax debt settlement options!
(470) 305-1233
www.fairtaxsolutions.com
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