April is a time of year many people look forward to. Flowers bloom, the sun shines, and more people head outdoors to get their daily exercise. There is just one thing about April many people do not look forward to - filing their taxes. Doing your tax returns each year can lead to headaches if you don’t know what you are doing. If you go at it alone, and don’t hire a professional, you can be susceptible to costly mistakes. Occasionally employing expert tax support will not help you to prevent tax problems; however, the following Tax Filing Strategies will help you File Internal Revenue Service Taxes while not having to stress about the most common issues.
Below are four mistakes you should avoid when it comes to your tax returns:
Claiming the wrong filing status
- Your filing status ultimately determines your specific tax benefits. Child tax credit, earned income tax credit and dependent exemptions are just some of the examples. Your filing status choices include single, married filing jointly, married filing separately, head of household, and qualified widow with dependent child. Be certain that the one you select is representative of you.
Not double checking your math
- The IRS will make certain your math is correct in your tax returns. If your math is wrong, your return can be delayed and, worst case scenario, could lead to an audit. You would think that adding numbers together is an easy exercise, but it can turn into a difficult process once you factor in several forms while flipping back and forth between pages. If you have been looking over tax information for hours, the numbers can start to run together which can lead to innocent errors. Yet no matter how innocent your errors may be, you certainly don’t want to leave yourself open to an audit from the IRS.
Forgetting to include forms
- You should have your W-2s and 1099s in your possession by mid-March. The law requires all employers to have these forms mailed to you in a timely manner. However, if you did not receive the proper paperwork from your employer, it is your responsibility that you receive your forms. Also visit here for more information. Omitting any forms to the government will typically result in an automatic paper audit..
If you do make a mistake on your forms, you should file a 1040X Amended Return as soon as possible. It gives you the opportunity to list what you originally documented, what it should have been, and the reasons why you are making a change.
Not hiring a professional
- Hiring a professional accountant is the best move you can make during tax season. Also check out our link:http://www.jmbphotography.ca/how-to-get-extension-from-irs-tax-filing/ here. The mistakes listed above can all be avoided when you make the decision to hire a certified public accountant. A CPA understands the complex and seemingly never-ending tax codes and can act as an adviser to you throughout the year to make sure you are able to hang on to all the money you have worked so hard for.
Nobody desires to be given their Tax Refunds after a long delay, so make sure to avoid the following glitches if you want your Tax Refund to show up in a timely manner. For more information visit www.taxreturn247.com.au today.