When it comes to tax preparation many people are far from being efficient and need help to get organized. In fact most taxpayers are disorganized and unprepared when they begin to file their returns. Of course you do not have to make mistakes and that’s why we bring you the next 5 tax preparation tips that can benefit you in several ways:
1. Get organized with the help of a checklist. If you use a checklist for tax preparation, you will know for sure that you have all the correct documents ready and do not miss a single detail. A checklist tax preparation is the best way to stay organized because you can physically see what they have done and what should be completed later.
2. Get tax help if necessary. You can find tax help in different ways. If you are looking for free tax help, IRS offers 2 programs to eligible taxpayers: Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). There are also numerous software programs to help you prepare and file your tax return. Many people use tax preparation software because it helps them stay organized, maximize tax deductions and tax credits, and submit them electronically. If you are looking for tax preparation help, consider hiring an accountant or professional tax preparer.
3. Check your work several times. Do not be tempted to send your tax return to get it checked at least three or four times. This will help ensure accuracy while allowing you to feel confident in the decisions you’ve made. Make sure all of your personal information is accurate, especially Social Security numbers. Any mistake on your tax return will result in a lower IRS processing, which means a longer wait for your tax refund.
4. Tax preparation does not start the day you want to file your taxes. If you want to be well prepared is to think about your tax situation throughout the year. Those who wait until April to organize their finances are putting themselves in a vulnerable position. Even if the next deadline is a month away, you should do what you can to stay organized at that time to avoid problems in the future.
5. Meet deadlines, this goes hand in hand with tax preparation tip number 4. If you know the deadlines to be met it is much easier to be prepared for anything that comes your way. Some people just need to be aware of a deadline: April 15th. Others will need to remember several installments as they owe the state/local taxes and make quarterly estimated tax payments.
Help source: http://www.irs.gov/