Friday, May 25, 2018

5 Quick Ways to Prepare for the Upcoming Tax Season

5 Quick Ways to Prepare for the Upcoming Tax Season

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Once the rush of the holidays comes to an end, it is time for people to turn their attention to the upcoming tax season. This reality can throw people in confusion and panic if they are unsure of how to prepare for it accordingly.

During most of the year, in fact, people might only occasionally think about their taxes and what records they should keep on hand for their filing the next year. When people want to file their taxes and handle this obligation with the best outcome in mind, they should take these important steps before filing their returns. Below are 5 tips that can arm you for a successful tax season:

1) Deal with Owed Taxes and Penalties with a Tax Relief Company. People who owe back taxes may not want to file current returns at all. Rather than put off their taxes and run away from the penalties, they should consult

with a tax relief company to see if their penalties and owed amounts can be lowered or negotiated into manageable payments. Professional help can make filing for taxes much easier and something that should not be feared.

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2) File with All of Your Income and Earnings Statements. Some people might be eager to file their returns

and put the tax season behind them as quickly as possible. As tempting as it might be to file early with only one or two of the statements you need, you should wait for all of your earning statements to arrive in the mail or be sent via email. This wait will eliminate the need to amend the return later or face IRS penalties for failing to pay your fair share

of taxes.

3) Provide Dependent Information to the IRS. People who want to claim dependents on their returns will need to provide identification information to the IRS. Parents should make it a point to get their children’s Social Security numbers and also provide their offspring’s date of births and educational status so that they get the maximum Earned Income Credit allowed for their returns.

4) Find Out What Other Credits Are Available. Many people are not aware that they can have a certain portion

of their rent, mortgage, and food tax amounts refunded to them each year. This refund is often called the Homestead refund and is available to low-income taxpayers.

If you are eligible for this refund, you should gather statements to show how much you have paid in rent or mortgage payments the year prior to your filing. You can then have a portion of that amount added to any refund for which you are eligible.

11496072105 fffa2e78f2 n 300x225 5 Quick Ways to Prepare for the Upcoming Tax Season5) Gather Receipts. If you plan on claiming any exemptions on your tax returns, it’s a good idea to gather those receipts as soon as possible. Exemptions for medical expenses, student loan payments, first-time homebuyer credits, and other exemptions can be proven with the appropriate invoices or receipts. These  should be kept on hand throughout the year and brought out when people are ready to file their returns.

With the tax season quickly approaching, you can take steps now to prepare for it. These ideas are a smart and productive way to help you file the best returns for your income situations.

Jamica Bell is a freelance writer and entrepreneur. As a business owner, she understands the importance of properly preparing for the upcoming tax season. During her research, she discovered that tax relief is one of the most important ways to take control of tax issues, should they develop.

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