Things You Should Do Now That Tax Season is Over
Now that the tax deadline has passed and technically, the tax season is officially over, it can be said that we’ve all learned something new from this bout of number crunching! Going forward, we would do well to remember these things for the next tax season, making us more knowledgeable to hopefully avoid duplicating any mistakes we may have made, thus making the annual filing less stressful.
It can be downright maddening to make the same mistake on a repeated basis, but that’s what some people do when preparing their annual tax filing. That may be because most people are so relieved to be done with the tax process, that after they’ve slipped that filing into the mailbox, or clicked that button to submit, they want nothing more to do with tax filing until the next year.
The experts at Success Tax Relief strongly recommend that as much as you want to do that, don’t!
While everything is still fresh in your mind, the smart thing to do is make sure that you don’t have to endure such headaches again. This can be done by simply preparing your documents and paperwork in a way that will avoid any mistakes or hiccups that may have occurred in this year’s tax filing.
Here are some suggestions that may help you have a less stressful tax season next year:
- Save Your Receipts – This may seem like an unnecessary task, but if you shop a lot, whether it’s online or in-store purchases, it might be worth storing all of those receipts in a storage bin. Those taxes add up, and it just might exceed the standard deduction. So it’s certainly worth the effort!
- For Business Owners, Save Your Invoices – Whatever expense you have to keep your business operating can be written off. If you’re managing an at-home business, this is especially important. You’ll need to provide documentation that you’re actually operating a business and invoices prove that you have a legitimate operation.
- Keep Records of All Incoming Currency – If you’re receiving money by cash, personal check—basically any way other than a W2 or 1099, you need to report this to the Internal Revenue Service (IRS). The whole point of filing annual taxes is so the IRS can account for all of your earnings so that they can assess exactly how much of a tax break they can give you.
- Keep Important Documents in One Place – Not having this item checked can cause major processing delays and ultimately late payment of your tax refund. Furthermore, you might even reduce the amount owed to you simply by being late! There are fees and penalties for late filings, so it’s highly advised to keep all important documentations like birth and marriage certificates, social security cards, adoption papers, etc. in a file that can easily be accessed at all times.
- Verify, Then Verify Again! – Before filing your annual taxes, take the time to make sure everything that you submitted is accurate. Any information that the IRS has to verify with you will also cause delays.
Another way to help the next tax season go smooth is to hire tax experts that will do the work for you. Success Tax Relief specializes in tax debt relief and audit representation services, and more! View our full list of services here. Call us today for a consultation at 1-877-825-1179 or contact us online today!