Tax season draws unanimous complaints from many Americans each year. However, while filing your taxes isn’t a walk in the park, it doesn’t have to be stressful. With the right mindset, the process can be simple and straightforward.
Here are some dos and don’ts that can help you file your taxes correctly during this tax season.
Dos
1. Stay organized
Filling out your tax forms can be labor-intensive and stressful since you have to report specific details such as your income details. Therefore, it’s vital to organize your receipts, records of income, and other tax documents so that they’re readily available when you need them.
Additionally, ensure you have a system in place for easy access to your paperwork. For instance, you can file your documents according to dates or types, e.g., business income in one place.
2. Choose the right filing status
One common mistake that taxpayers make is filing status errors. While it may seem like a minor detail, it can have a significant impact on your tax bill when it’s higher than it should be. Luckily, you can use the IRS website to determine which category you fall into or consult with a tax preparer.
3. Ask for help
Since filing taxes can be complicated, it’s wise to ask for help from a San Diego CPA. A professional CPA firm can help you with tax preparation and accounting services, ensuring you meet the tax deadline.
Don’ts
1. Wait till last minute
Whether you want to file your taxes on your own, use tax software, or hire a CPA firm, you should never wait till the last minute. Starting early reduces your likelihood of making mistakes or forgetting essential items such as your tax credits.
2. Guess your numbers
Do your best to track down all the important deductions and filing requirements needed for your tax forms. This can be donations, income from side businesses, and any other extra sources of revenue.
Need a tax preparer?
You don’t have to file your taxes on your own this year. Contact us at Abbo Tax CPA today to hire a professional San Diego CPA.
