Last-Minute IRS Tax Tips to Consider

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Last-Minute IRS Tax Tips to Consider

April 12, 2020

Here are 4 tax tips to help you prepare for this year’s tax season.

Review Tax Returns Carefully

Tax preparation requires a tedious amount of data entry. So, anyone who is rushing their returns can inevitably make a mistake. The worse is missing a tax benefit, deductions, or credits. The IRS runs a system to check the validity of tax returns. It scans and flags them for any mismatched noted. Check every W-2 and 1099 if you have accounted for it. The DIF software compares the amounts of what the IRS received to what you submitted. Check routing numbers and account numbers to ensure these are accurately entered on the return. Incorrect numbers can cause a delay in your refund.

Hire Tax Professional

Filing taxes on your own means you don’t have to pay a tax professional like an Enrolled Agent (EA). However, this may not be a good decision on your part. There are instances in which you’ll need the expertise of a professional. For example, you are likely to have a question about your taxes. An Enrolled Agent continuously updates their knowledge to keep up with changing rules and regulations and be better equipped in helping their clients. Hiring a professional like an Enrolled Agent, to handle your income tax preparation will give you peace of mind. Your tax professional can advise you on the best strategies in making sound tax decisions.

File on time

There are benefits of filing your tax returns on time, such as avoiding late filing fees. Getting your tax return done early gives you a head start for your paperwork. Ensure you have all the documents you need to support your claims. Additionally, it helps you determine how much you exactly owe the IRS.

Request an Extension to File, if needed

File for an extension if you cannot file your tax returns on time. Filing an extension will prevent you from paying late-filing penalties as a consequence. The extension grants you additional time to file your tax returns only but not your tax payments.

Let our Enrolled Agent help you! Contact us today at admin@fas-accountingsolutions.com or 832-437-0385.