Top Tips to Simplify Tax Filing Every Year!

It is that dreaded income tax filing time of year again and for some, their stress is already mounting.

This year, instead of becoming anxious about it all, these tax help tips can help anyone keep calm and get through the process more easily.

Whether seeking professional tax services […]

It is that dreaded income tax filing time of year again and for some, their stress is already mounting.

This year, instead of becoming anxious about it all, these tax help tips can help anyone keep calm and get through the process more easily.

Whether seeking professional tax services or doing their own taxes, these simple tax help tips can help anyone get their taxes done more easily, without all the stress!

  1. Remember the Due Date - This year, the deadline for filing income taxes for the 2022 tax year is Tuesday, April 18, 2023. That is still a ways off, but for those who feel as though they don’t have enough time to get everything together and their taxes figured out, filing for an extension now might not be a bad idea. There is no penalty for submitting taxes early, but there are definitely penalties for submitting them late without having filed for an extension. 
  2. Decide How to File - Based on the amount of filing experience a person has or their need for tax help, people should first decide how they will file, then prepare accordingly. If seeking assistance from a professional tax service, contact them right away, inquire about the documentation they will need, and set an appointment that leaves enough time for finishing and filing tax forms. 
  3. Gather Tax Documentation Early - The easiest way to get through the process of income tax preparation and submission, whether people do it on their own or go to a professional tax service, is by being prepared with all the required documentation. Avoid having to go searching for things mid-process by gathering them all together ahead of time. Gather all income and interest statements, retirement contributions, property tax records, charitable donation receipts, taxes paid, educational and uncovered medical expenses, personal information, and a copy of last year’s tax forms. 
  4. Electronically Connect With the IRS - It is most recommended to file income taxes electronically, as the IRS can process electronic submissions faster than those submitted on paper. Similarly, whether owing or receiving a refund, it is safest to connect bank accounts with the IRS directly and send owed taxes or receive refunds directly to or from a bank. Electronic direct deposit refunds usually arrive quickly, too.

The main stress that people have about doing their income taxes or even having them done by someone else is caused by a lack of preparation.

Following these 4 simple steps, anyone can get their taxes done quickly and easily be a professional tax service without the headaches of lost paperwork or missed deadlines!