Another tax filing season is here! Want to make sure tax season goes smoothly without a hitch? From staying organized, to focusing on security, and being prompt, Alloy Silverstein’s South Jersey CPAs offer tips to help taxpayers reduce their chance at errors or a delayed filing of their tax return.
What Taxpayers Should Know at the Start of Tax Season [Video]
- Get your tax documents in early to your accountant.
- It’s never too early to get your information together for your tax return.
- You can only get an extension for more time to file, not time to pay.
- Even if you think you are going to owe this year, it’s even more important to get your stuff in early. You want to know how much you owe so you can plan for the payment, and if you need to adjust your withholding at your job in the current year, you’ll want to do it as soon as possible.
- An extension is not an automatic red flag for an audit.
- Keep your tax data organized and all in one place.
- Protect your social security number. Please don’t take pictures of tax documents with your social security number on them and send them to your accountant’s cell phone.
More Tips for a Smooth Tax Season:
- As your 1099s, 1098s, and other documents come in, make sure your name, birth date, and social security number or tax ID number are correct.
- Include ALL sources of income when giving your documents to your CPA or tax preparer.
- Missing documents is one of the biggest reasons for a delay in preparing your return. Stay organized throughout the year with your physical and electronic tax documents.
- Verify who is claiming dependents before you file, especially for divorced taxpayers.
- If your refund is too large or you owe the IRS too much, talk with your accountant to adjust your paycheck withholding for the current year.
- Consider using an app to automate the tracking of your business miles.
- Avoid paper checks. If you can pay your estimates and tax payments electronically, do it. You benefit from instant confirmation and less chance of check fraud or getting lost in the mail.
- For a quicker refund, opt for direct deposit instead of a paper check.
- Watch for tax season scammers this time of year. The IRS won’t be texting or calling you.
- Filing early in the season helps thwart fraudsters from using your social security number to file a false tax return.
- You can check the status of your refund on IRS.gov, the IRS app, or on the state websites. The current estimate for an e-filed return is three weeks.
As always, your Alloy Silverstein accountant and advisor is here to guide you throughout tax season and beyond. If you’re looking for a new tax advisor this tax season, contact us today to see if we are the right fit for you.
Further Reading:
See more Tax Season Resources in Alloy Silverstein’s Resource Center.
