Here are a few tax tips to keep in mind when preparing your tax return or reviewing the professionally prepared return.
In order to avoid problems, secure and report all Forms W-2 on your tax filing. IRS does what is called a matching report 12-18 months after the tax season. Any missing 1099s or W-2s will be part of a proposed adjustment. Forgetting to report income could result in penalties and interest being assessed. Here are a few tips to achieving an accurate tax return.
Choosing a bad tax preparer could be devastating. Missing deductions or credits, erroneous positions, blown filing deadlines and bad advice are some of the potential downside to picking the wrong person to prepare your tax return. Here are a few tips on qualities to look for in your tax preparer.
Identity theft is a common problem in our society and has become an epidemic in the field of tax preparation. If you are a victim of identity theft, don't blame the preparer. Do follow these steps if you are a victim of identity theft.
For many taxpayers, a good tax preparation software is all one needs. No complexity or issues. However, if you are unsure or have issues that above and beyond your knowledge, it is best to rely on a professional. Remember that the responsibility for the return is on the taxpayer.
The Affordable Care Act created additional reporting requirements for taxpayers. For some the reporting will be easy. For many others, it will be challenging. If you fall into that challenging category, do not delay in your tax filing. The additional time will be needed to navigate these troubled waters.
Remember those days of filling out your tax return and standing in a long line at the post office to mail your return to the IRS? Those inaccurate and inefficient days are over with the E-File system. Get an initial computer check on the return before filing and get your refund even faster without paying those high fees to taxpreparers.
The Internal Revenue Service recently issued a publication that will help answer some of the reporting requirements related to the enactment of the Affordable Care Act. This is a must read for those who prepare their own taxes.
Moving can be very stressful as well as an expensive process. The current tax law provides for a deduction for some but not all moving related expenses. A little planning can take some of the sting out of a move. Unfortunately, there is no help for the stress.
Managing your miscellaneous deductions is very important and could be worth money to you. As your income increases, so does the two percent floor that you must over come in order to start deducting miscellaneous deductions. Here are a few tips to watch for in your tax planning.