For many individuals, the transition from winter to spring is a welcome change because it brings longer days, warmer weather, and beautiful flowers. On the other hand, spring is also known as tax season, unfortunately.
If you’re like many Americans, you may have delayed working on your taxes because of the stress and anxiety associated with filling out your returns and paying your taxes. However, with the federal income tax deadline quickly approaching, there’s not much time to get the task done, so you might as well start right now.
By observing a few helpful tips below, you can get your taxes taken care of this season, relatively painlessly.
1. Get your paperwork in order
First, you should take the time to get all your tax documents in order. These may include everything from W-2 forms from your employer(s) to receipts for your home-based business and more.
By taking time to get these documents organized and laid in front of you, you’ll have everything within arm’s reach when you prepare your returns. If you choose to hand off the work to an accountant, you’ll still have to have all the documents organized and together so the tax professional can examine them.
2. Use professional services
If you’re stressed out by the mere thought of having to prepare your taxes and crunch the numbers, you might be wondering whether you should contact a Certified Public Accountant for assistance. The fact is that some software programs and online services make it easy for you to file simplified returns without a hassle, but if you have a more complicated tax return, you may benefit from turning to professional services.
For example, if you own your own business, have a home-based office, sold stocks, bought or sold a home, or were involved with other income complications that may affect your taxes, a CPA may help you identify all of the deductions you qualify for while ensuring that your returns are filed correctly.
3, What if you can’t pay your taxes?
Many taxpayers will be pleasantly surprised to learn that the IRS owes them a refund this tax season, but others will discover they have a hefty tax bill due to the federal government. When you owe money to the IRS and cannot readily pay the amount, you have a few options to consider.
For example, you could file an extension with the IRS, which typically gives you a few additional months to pay. You may also request an installment plan, but there are some charges associated with this.
If the tax burden is still too significant, you may consider reaching out to a tax attorney for expert assistance. The attorney can provide you with more in-depth strategies for paying for your taxes.
Tax season is rarely a time of year that individuals look forward to, but it doesn’t have to be as stressful as you fear. By following these tips, you can prepare your return and pay the amount owed to the IRS without undue hassle or stress.