Tax season officially kicks off on January 27th! If you haven’t started organizing your tax documents yet now is a good time to get prepared. You don’t want to be scrambling at the last minute to meet the April 15th filing deadline, after all. Getting an early start can allow you enough lead time to ensure a timely filing.
TAX TIPS TO REMEMBER THIS TAX SEASON:
#1 File As Soon As Possible To Avoid Fraudsters –
Identity thieves take legitimate taxpayers’ Social Security numbers so they can file false tax returns and cash in on refund checks. They often strike early in the tax season, filing returns before their victims.
#2 Gather Appropriate Records –
When you sit down to file your taxes, make sure you have all the necessary documents like W-2s, 1099s, receipts for expenses, mortgage interest, and your kids’ social security numbers in front of you. Keep these files for at least 3 years in case of an audit
#3 File Even If You Owe –
Remember going on extension only extends the time to file your taxes, but if you owe you are still required to pay what you owe. If you owe money, you can also ask the IRS for an installment agreement when you file your taxes. The installment agreement will allow you to pay your tax debt over six years.
For more tips and tricks visit www.credencetaxservices.com