A few years ago, I was in a pretty serious car accident. During the aftermath, I became really familiar with a lot of different types of lawyers. I worked with personal injury lawyers, insurance lawyers, and many others. Perhaps the most important, though, was the estate planning lawyer. I was really young, and neither my wife or I had thought about starting a will. But the accident kind of scared us into it. What would happen if one of us were to die? Even when still in the hospital, I was working with the lawyer to draw up a will. Now, I have some peace and security about what the future will be like if something should happen to me. And I have a lot of experience working with various types of lawyers! The accident was kind of a blessing in disguise in that way.
Tax season is typically considered to begin in mid to late January. It continues until the IRS deadline for filing taxes which is typically on April 15, but the date may be a day or two later depending on weekends or other factors. When you are faced with income tax preparation, it can be easy to get overwhelmed, but a caring lawyer can help you figure out even the most complicated tax process. Just be sure to avoid doing these three things during tax season.
Stop! Don't File for an Extension Just Because You Don't Want to Deal with Taxes
The IRS allows taxpayers to file for extensions prior to the April deadline when they should file their taxes. The extension typically only lasts for six months, and nearly anyone can get a tax extension. However, it is simply an extension on filing, not an extension on the amount that is owed.
You shouldn't file an extension just because you don't feel like dealing with the hassle of having the tax return completed. After all, you may end up owing interest, late fees, and penalties if you apply for an extension but fail to pay the taxes that are owed in a timely manner.
Stop! Don't Make Up Numbers if You Lose Receipts or Logs
The possibility of a tax refund and tax deductions are appealing to any taxpayer, but don't ever try to wing it when it comes to the numbers you list for tax deductions. Some people feel justified when they make up numbers for deductions on their tax returns if they assess that they are underestimating the number, thus erring on the side of caution. However, you need exact numbers in order to include deductions.
Stop! Don't File Your Own Taxes Without Expertise if They're Complicated
Some people try to wing it when it comes to filing their taxes. With all the software that is currently available and accessible online, they may feel that they can simple look up anything that confuses them. What they may not understand are the many complexities of tax laws. If you have a complicated situation for your taxes, seek the help of a professional who knows a great deal about tax law to ensure that your best interests are protected.
Finally, keep in mind that income tax preparation may not be anyone's favorite phrase, but it doesn't have to be something you dread. When you face your needs that arise during tax season and seek out a caring professional to help you with income tax preparation, you may soon get your taxes finished for the year, and you may even find yourself with a nice income tax refund to enjoy.Share
24 February 2017