With Some Organization and Preparation You Can Do Your Own Taxes
Are You Prepared to File?
Filing taxes without assistance can seem daunting. With the hard to read forms and the pressure of filing correctly to avoid an audit, many people turn to tax software programs or to tax preparation companies to complete their year-end submissions. Filing independently can be simple, however, if you are prepared and organized.
Prepare Your Paperwork
Keep an organized and detailed record of any and all tax related paperwork. Physical copies of required papers are handy when submitting in person. This includes things like W-2s and tax deductible receipts. If you are self-employed, be sure to keep a record of your 1099 form.
Know Your Deadlines
Waiting until the last minute to process returns can create many complications. If there are any delays in your paperwork, you could be penalized by the Internal Revenue Service until the tax year’s submissions have been returned and paid. The IRS can even garnish wages to fulfill late payments. Organization is critical to promptly meet a return deadline.
Choose the Right Forms
Do your reading and research. The IRS has many rules and regulations that should be stringently adhered to. Be sure you research precisely which form you should fill out. The Internal Revenue Service can take a long time to catch corrections on erroneous documents. Incorrect return documents could lead to penalties and interests on your account.
Know Your Resources
Be familiar with the Internal Revenue Service online forms. The IRS site has detailed submission information to assist users when filling out tax documents. Be familiar with your local IRS office’s hours of operation. You can submit your completed tax paperwork at this location or find hard copies of submission paperwork. They also have a plethora of resources for independent filers.
Know When You Need Help
Submitting tax paperwork independently can save time and money. However, there are circumstances in which filers should use professional assistance. Know when you are out of your depth and be prepared to seek professional guidance. Having an error on a tax submission can be far more costly than the price of paying a tax preparer.
Attention to deadlines and specific detail requests ensure that paperwork is submitted in the most efficient manner. Successful filers adhere to the guidelines set forth by the Internal Revenue Service. Adequate research and organization are all that is needed to properly submit an accurate tax return.