If you ask the majority of tax-filing Americans what the most stressful time of year is, you’d find the two answers to be almost unanimously Christmas and tax season. While you are on your own with how you handle your seasonal shopping, there’s help for you when it comes time to get ready to file your taxes!
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tax preparation
Filing your tax return is up there with a trip to the dentist and spending the weekend with the in-laws when it comes to unpleasant experiences. Like the other two, it’s something that can’t be avoided, but preparing for it can help to ease the pain. Get ahead of the game and learn how to prepare for your tax return so that by the time April comes around, you’ll have everything you need to get started.
Tax season is one of the most frustrating aspects of having a job. The one thing that compounds this frustration is waiting or forgetting to do your taxes until the last minute, meaning you have to rush just to get everything done on time to avoid a penalty. This can lead to mistakes and pointless errors that can cost you even more money. As taxes are officially due next week, it’s important to find a tax preparer that can complete this preparation quickly and without error. Thankfully, there are a number of tips that you can utilize when searching for a good last-minute tax preparer.
Verify Eligibility to File the Return
The tips for finding a good tax preparer when there’s not much time left before taxes are due are not all that different from tips for finding a good tax preparer when there’s lots of time before taxes are due. Following a few simple tips will always yield a good tax preparer. The only difference with waiting until the last minute is that it might be more difficult to find one that isn’t completely busy. The first tip to remember is to verify if the tax preparer is fully eligible to file your return. Due to certain regulations, all tax preparers are required by law to have a PTIN number in order to file your return. Ask immediately if the tax preparer has this number and make sure they are compliant with any further state regulations.
It’s that time of year again, so rather than waiting until the last minute, I recommend gathering up your documents earlier this year and beat the rush. It’s not going to be too painful, I promise. Here are some of the things you don’t want to forget about:
1. Medical Expenses – make sure you gather together all of your medical receipts throughout the year and don’t forget that you can medical mileage and meals, too, so it’s a really good idea to write up a log of your medical travel. If you paid premiums on a private benefit plan not covered by your employee, that too can be claimed.
Tips to make preparing your tax return easy:
1. Keep it together: It may seem simple but as your slips and receipts arrive, pick one spot to keep all your paperwork together. Some suggestions: envelope, shoe box, plastic bag or a really big clip.
2. Search and retrieve: A taxpayer is responsible for reporting their income during the tax year even if they don?t receive all the right paperwork. If you are missing a T4 or other income slip, do your best to track it down before you file. If not, provide the best estimate of your income and report it.