The deadline to file your personal tax return is almost here – April 15 to be exact. If you haven’t already filed your taxes, now is the time to do so. It’s important that the information you provide is accurate and complete. At the same time, you want to make sure you are taking advantage of all applicable tax deductions and rebates that can help you maximize your return or minimize what you still might owe.
Here are a few helpful tips to help you prepare for not only this year’s tax return preparation, but for future returns as well.
1. Have a Tax Preparation Checklist
Having a detailed checklist can help make sure you are collecting all the right information and forms before you sit down to prepare your returns or visit your professional tax preparer. We at Ferguson, Timar & Company have free tax preparation checklists for individual and small business tax payers, which you can download here.
2. Consider Professional Preparation
There are different types of help to consider for your tax return. There is software that can walk you through the process with easy-to-answer questions. Then, there are professional tax preparers and accountants who are experts in the field. Oftentimes, a professional tax preparer or CPA can help you get more out of your tax returns. The money you spend to hire them can actually be paid back (and then some) thanks to the expertise and advice they are able to offer.
3. Be Thorough
If you file your own taxes, double-check and triple-check your work. Make sure all the necessary information is provided and the numbers are accurate. Tax returns with mistakes can lead to processing delays and, in worst-case scenarios, audits.
4. Know Your Deadlines
For individuals, April 15 is always the standard date. But this year, it is April 18 because of the Easter holiday. Most businesses are required to file by March 15. Know what types of extensions you might be eligible for and what forms you need to submit to request a tax extension. Business owners need to know W-2 deadlines and quarterly estimated tax payment dates and procedures. In other words, know all deadlines that apply to your tax situation to help you be better prepared.
5. Taxes Are a Year-Round Concern
Your taxes might be due in the spring, but it’s important to think about them all year. Keep your receipts and documents in an organized place so you can have the dates, deductions and rebates all on hand when you need them. This will make your life so much easier come tax time.
For assistance with preparing your tax return, contact Ferguson, Timar & Company today! Our team of licensed CPAs will provide excellent guidance and financial services this tax season. Give us a call today for a free consultation.