You’ve waited until the last minute to file your taxes. You know it is time to roll up your sleeves and get it done. Without being rushed to meet the April 15th filing deadline, you’ll need to set aside a couple of hours of time to file your 1040. Whether you do it on your own or allow our team of tax professionals to do it for you, the following tips will help you to get through those seemingly difficult hours and just get this done.
Updating Software and Documents
The IRS didn’t release all of the tax filing documents until late this year. To make matters worse, various tax filing programs were not set up in time to meet the changes. The IRS even detailed some types of filing while it worked out the process. The bottom line is that, before you file, you need to ensure you have the right documents or the most up to date software programs. You can get what you need at the IRS website if you plan to do this on your own. Submitting the wrong return or lacking key tax information while completing it could cost you big time. You do not want to make these mistakes.
Take Advantage of Big Deductions
One of the easiest but most often overlooked ways to get a tax break is to open an IRA. Even if you have other types of savings accounts, maximizing the amount of money in these accounts to meet the limits set by the IRS could mean more money in your pocket and less money in the pocket of the government. Let’s say you owe this year. By opening up an IRA and depositing some funds into it, those funds become a tax deduction for you. That means you save those funds for retirement (and they start helping you to earn money through compounding interest) and you don’t have to repay them to the government.
E-File
Once you sort through all of the tax documents, you’ll want to e-file rather than mailing your documents. First off, even if you owe money, e-filing is effective because it allows you to receive a confirmation that the IRS received your return. If you are expecting a refund this year, be sure to sign up for direct deposit. This will help you to get your money faster. It is also completely safe to do.
The bottom line: Don’t wait to file your taxes any longer. You also don’t have to try and do the work yourself. Contact us for tips and help getting your return in fast.
Here at Crowley & Halloran CPA’s, our consultants would be happy to help you plan and manage your business budget. Click here to request a proposal.