Filing Taxes

Answer 1

Tax time is upon us again, so you should start thinking about filing those taxes and getting your money back, or paying that tax before the April 17th deadline. What are some ways you can file your taxes and how can you make sure they are being done correctly?

Software Is Your Friend

Using tax software to file your taxes is going to give you a leg up this year. Not only are you going to make no mistakes with your calculations, but you are going to know that everything you need to fill out has been completed. Your tax program will alert you to any incomplete boxes or anything that might seem inaccurate with your return. Avoiding mistakes now can save you a lot of time in the future.

Do You Need An Accountant

Should you hire an accountant to do your taxes? That really depends on what kind of return you have. If you have a 1040EZ to file with just the standard deductions, you have no need for an accountant. However, if you have a business, you might want to consider this as a safeguard against a potential audit.

What Are My Odds Of Being Audited

You have a 1 percent chance, on average, of being audited. Chances of getting an audit increase if you claim a business loss, home office deduction or do not claim all of your income. However, if you are honest with your tax return, you are going to be OK when it comes to filing without issue. The IRS has 3 years to audit your tax returns, so you should keep records for that long after filing.

Don't sweat your taxes too much. For those that owe money, there is a lot of time to pay that debt down, and the IRS is going to allow you to negotiate a payment if you are really in distress. Get your tax software, fill out your tax information properly and you should have nothing to worry about this tax season.