Tax season can be a daunting time for many Americans, filled with stress, paperwork, and the fear of making a mistake that could result in an audit. However, with a little bit of preparation and the right tools at your disposal, you can make the process a lot more manageable. In this blog post, we’ll share some tax season tips on how to get organized, avoid common mistakes, and potentially save money along the way.
Before you even start on your tax return, it’s important to gather all the necessary documentation in one place. This includes any W-2 forms, receipts for deductions, and any other relevant paperwork. Consider using a tax preparation software that will walk you through the process and keep everything in one place. Many of these programs even have mobile apps that allow you to scan and upload documents directly from your phone.
Choose the Right Filing Status
Your filing status can have a big impact on your tax bill, so it’s important to choose the right one. For example, if you’re married, you can choose to file jointly or separately. Sometimes, the joint filing status offers more tax benefits than the separate status, but there are situations where filing separately may make sense. Consider consulting a tax professional or using an online tax calculator to determine the best filing status for your situation.
Don’t Overlook Deductions and Credits
One of the biggest mistakes people make during tax season is failing to claim all the deductions and credits they’re entitled to. This can be especially true for people who don’t itemize their deductions. Be sure to review the standard deductions and credits available and make note of any that may apply to you. For example, did you make any charitable donations during the year? Did you have any medical expenses that exceeded a certain threshold? These may be deductible.
File on Time
Finally, be sure to file your tax return on time – even if you can’t pay the full amount owed. Failing to file your return can result in penalties and interest charges that will only add to your tax bill. If you can’t pay the full amount owed, consider setting up a payment plan with the IRS. This will allow you to pay off your tax debt over time, rather than all at once.
Have Tax Questions? At Delgado’s Insurance, We’ve Got Answers!
At Delgado’s Insurance, we have made it our mission to simplify tax filing while making sure that you stay compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (firstname.lastname@example.org), or through our social media accounts (Facebook, Twitter).