Tax season is here, and you are now trying to juggle personal, family and work life along with taxes. Life is just not fair. The tax code in America is a complex beast, and it can be overwhelming for individuals to understand. One thing we don’t want, is for honest individuals to pay more then their fair share of taxes. In this blog we will give you 3 top tips on preparing individual taxes.
- First, yes, we know we are an Arlington, VA CPA firm, and taxes are our business, but put that aside for now. In all honesty, if your taxes are complicated, meaning you have various investments, properties, money coming in from different sources, etc., you should seriously consider hiring a qualified CPA firm. The last thing you want is to pay the IRS more money, or not following the proper tax codes. When you hire a qualified CPA you protect yourself from such mistakes.
- Second, don’t forget to include all of your deductions for your tax return preparation. The lesson is quite simple and should be repeated – DON’T PAY MORE THAN YOUR FAIR SHARE OF TAXES! Some examples of deductions you should be taking are mortgage interest, real estate taxes, charitable contributions (make sure you have proof), student loans, etc.
- Third, make sure you wait until you have received all of your tax documents prior to filing your taxes. If you don’t have everything, be sure to contact the issuers and attempt to get it resolved. Ultimately, it is your responsibility to include this information on your returns. If you are having trouble finishing on time, be sure to file an extension by April 15th.
Following these three tips will make taxes a lot less of an headache. If you need help, have no fear, contact us and let us put your mind at ease.