Are you preparing to do your taxes? Filing your taxes can be a confusing process, but it’s a must to be prepared to ensure that you are filing correctly.
We’re here to help with some of the top tips that can help you when filing your tax return. Keep reading for some tax return tips and tricks that can help you out this year.
Table of Contents
1. It’s Best to E-File
E-filing is the best tax return option, as it can not only save you time, but it can also save the trees and your money. It’s the best option for both you and the IRS. If you plan on using tax software, the forms that you need available will be built right in. Also, if you’re owed a tax refund, e-filing is a sure way to get it faster.
However, there are some instances that require one to file a paper return, typically for specific tax situations that require their own form.
2. Make Sure Your Filing Status Is Accurate
You should make sure you are absolutely sure what your filing status is, as this will determine how much you pay or save in taxes. Additionally, getting your status wrong could result in getting audited. Your file status refers to how you prefer to be treated by the IRS and can determine what credits or deductions you are permitted to take, which will also determine which forms you will have to fill out and submit.
3. You Can Request an Extension for Paperwork, Not for Payments
If you can’t turn your tax documents in on time, you can request an extension on turning in your paperwork. However, this will not put off paying the taxes that you owe. In this case, you would have to pay an estimate of what you think you may owe. If you cannot pay what you owe on time, you should consider options such as a payment plan or a credit card to take care of the expense.
4. You May Need an Accountant
While some have no trouble filing their taxes on their own, others may have a more difficult time. This may be because you have no knowledge or experience when it comes to filing taxes, or because your tax situation is a bit more complicated due to a number of factors. For some, hiring an accountant to take care of your taxes can be the best option.
This is especially true for those that are taking complex deductions, are self-employed, own a business, or trade investments on a frequent basis. For access to quick and easy assistance with your tax returns, check out Sole Trader Tax.
Top Tips for Filing Your Tax Returns This Year
If you’re looking for tips on how to file your taxes on your own, or are wondering if hiring an accountant would be best, keep the tips and tricks in this guide in mind. Make sure you file your tax returns correctly for the best results.
For more on this topic, head to the “Taxes” section of our site.