Filing for your tax return can be a confusing and stressful experience for many taxpayers, especially during the uncertain times we are living in. Many factors make the tax return process challenging, including your tax filing status, age, and income. If you’re looking for tax return help, we’ve got the tips you need!
5 Tax Return Help Tips
1. Gather Important Documents
Before you can begin filing for your tax return, you will need to gather proof of income, expenses that can be deductible, and important tax forms. Creating a checklist is a great way to stay organized during tax season. The documents you should have on hand include:
- Social security numbers
- W-2 Form
- Charitable donations
- 1099 Form
- Retirement account contributions
- Last year’s state and federal tax returns
2. Decide How to File for your Tax Return
There are different ways to file for your tax return. You can either hire a tax professional or fill out your forms by hand and mail it out.
3. Keep an Eye on Deadlines
No matter who you are, life can get busy. However, as a taxpayer, you need to be on top of tax due dates since the IRS has been changing and postponing deadlines. This year’s tax deadline has been moved to May 17, 2021. Business owners are required by the IRS to pay quarterly tax payments, so make sure to know which deadlines apply to you.
4. Hire an Accountant
Whether you’re having trouble getting started or just need tax return help, an accountant can assist you or your business every step of the way. A tax professional will help you with tax planning and preparation and make sure all tax forms are filled out correctly so they can be submitted on time.
5. What to do With Your Refund
It can take a few weeks for your tax refund to process, but once you receive it there are a few things you might want to do with it:
- Pay off debt
- Send it to savings
- Putting it in your retirement funds
- Invest in the stock market
If you need tax return help, hiring an accounting professional may be exactly what you or your business needs. Calabrese & Associates, P.C. is a local accounting firm that will make sure all your financial needs are met. For more information, visit our website.