Abstract: The IRS generally begins accepting the previous year’s individual tax returns in late January. So, it’s time for taxpayers to start thinking about getting their tax returns prepared. Here are quick tips taxpayers can use to speed tax processing and avoid hassles.
Smooth sailing: Tips for easier navigation through tax season
The IRS generally begins accepting the
previous year’s individual tax returns in late January. Here are quick tips you
can use to help speed tax processing and avoid hassles.
For starters, contact us soon for your tax
preparation appointment. Gather all
documents needed to prepare an accurate return, including W-2s, 1099
forms, and statements of interest paid or received. Failure to provide all of this
information means a return is incomplete, which may then require additional
processing and delay any refund that’s due.
Be accurate. Ensure that every name on
your tax return is spelled correctly, and that each Social Security number on
the return matches the number on the Social Security card. If you supply a bank
account number, double check it.
What if you
file late or can’t pay your tax bill? Separate penalties apply for failing to
pay and failing to file. Both are based on a percentage of the unpaid or late taxes.
You can avoid late filing by obtaining an
extension of the time to file (until October 16 this year). However, you must
still pay any taxes due by the regular deadline or face possible penalties.
These penalties can be quite severe, but if the lateness occurs for a “reasonable cause,” such as illness, the IRS may excuse it. Contact us with your questions.