When things get postponed to the next day at the last minute, your best strategies and willingness to file taxes often takes a turn for the worse. Tax laws are not simple, and it often raises a myriad of questions in the taxpayer’s mind as to what may get deducted and when the tax would be filed. But, the Internal Revenue Service (IRS) tries to simplify things for both individuals and a small business. Here are some of the best proven tax tips suggested by the IRS to simplify the process of filing taxes.
Organize, Maintain and Store
The process of filing tax begins with organizing records, receipts and cancelled checks by storing them all in one place. When doing so, be sure to record your deductions, tax credits items and your income along with it. When you maintain and organize an efficient file system, it assists you in keeping everything in order to simplify filling out forms.
IRS website- Your Key to Knowing Tax Filing
On the official IRS website (www.irs.gov), you can find a hoard of information and sources. From this site, you can download forms, garner information about tax laws, learn about recent law changes and read frequently asked questions. This website is a hub of effective and proven ways of filing taxes to make it easy to find tips and use credible online tools.
Free filing of forms
A tax preparer may suggest that a taxpayer go for free filing taxes with the availability of e-filing options. By using ‘brand name tax software’ or ‘online forms’, the IRS free file gives you an opportunity to file it for free at www.irs.gov. When your income is equal to or less than $57,000, you can make the most of free tax software. However, if the income is more than this, you can consider filing free Fillable Forms, which is the e-version of paper forms.
Get to know about filing options
There are many different available options to file your tax return. To be more precise, seek advice from a Certified Public Accountant to know about the best filing option available for you.
E-filing- a sought-after way for filing taxes
When you e-file your tax returns, the probability of error reduces significantly and the refund process is faster than mailed documents. Over 80% of taxpayers used the e-filing option on the IRS official website last year. This ratio is increasing with each passing year.
Go for Direct Deposit
For those looking for refunds, opting for direct deposit is the best option. This is for the simple reason that it trims down the possibility of theft. When entering the details for direct deposit, do not forget to double check the bank account number to avoid errors.
Check the returns twice
When you are all done with the filling forms, take a few minutes to check the information twice, especially the social security number you provided. In case of hand-written forms, confirm their legitimacy.
