Here are some pertinent tips to make tax time easier without losing any of your refund.*
Gather your records Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.
Have a question? [Write them down. Call for a pre-tax preparation appointment. We are glad to answer many short tax questions right over the phone.]
IRS e-file IRS e-file is the safe, easy and most common way to file a tax return. Last year, 79 percent of taxpayers – 106 million people – used IRS e-file. [Conover & Conover, CPAs, PSC, has been an Authorized e-file provider since 1992.] If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days.
Consider direct deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than a paper check in the mail.
Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax, on the IRS website. It’s a comprehensive resource for taxpayers, highlighting everything you’ll need to know when filing your return.
Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. [Of course, you won’t have to worry about math calculations if we prepare your return.] Don’t panic! If you run into a problem, remember the IRS is here to help. [And most importantly, so are we! Conover & Conover, CPAs, PSC can be contacted 23/7/365.]
*[Bracketed, italicized comments are mine].