Keys to Receiving Individual Tax Services

by | Apr 11, 2016 | Financial Services

This year’s tax season started a little late, but filings are steadily streaming in. To help taxpayers get the job done as soon as possible, there are certain strategies to follow. Below are several tips to minimize hassle and simplify the filing process.

Determine Whether Self-Filing Makes Sense
The IRS offers a free software option for those who want to go the DIY route, and it can be helpful for filers needing Individual Tax Services. However, business owners’ returns are typically more complicated, as there are depreciation, deductions and pass-through income to consider. Thankfully, business owners can deduct the cost of professional tax preparation.

Be Prepared
The process of getting Individual Tax Services is much simpler if the filer comes prepared. Most tax pros give clients documents with previous years’ information, which makes a great starting point for this year’s return. If one switches providers, they should bring their past three tax returns.

Gather Paperwork
It might seem obvious, but some filers go to tax prep appointments without important documents such as W-2 forms and 1099s. When going to a tax preparer, clients should bring papers like balance sheets and income statements. By being prepared, clients can make the process simpler for everyone.

Claim All Deductions
If a filer uses a home office strictly for business purposes, they may be eligible for a tax deduction. Filers should keep detailed records on expenses like homeowner’s insurance, utilities and mortgage payments. Those using a personal car for business reasons should keep records of mileage, maintenance and other costs.

Think About Retirement
If one has no eligible retirement account they may be able to start one, minimizing this year’s tax liability. Retirement account contributions are some of the best deductions because they are the biggest changes that take effect right away. Consult a tax preparer for help in setting up a retirement account.

Ask Questions
As the filer assembles their records, they should write down any concerns they have, and they should use upcoming tax appointments to discuss those concerns with their preparer. By following the tips above and by gathering the proper documentation, taxpayers can make the process simpler and get the returns they deserve through .

Latest Articles