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For many taxpayers, tax return preparation is a confusing, difficult process—one which poor organization or lack of planning can make even more stressful. Know what you should and should not do as tax season approaches can help eliminate uncertainty, save time, and reduce your overall tax liability. Below are some tips for making your tax return preparation as smooth as possible.

Do:

Review Your Forms

tax returnBefore submitting your returns, double-check your math to ensure everything adds up correctly. IRS reviewers may not catch simple math errors, and you could be held responsible for any underpayment or other issues resulting from incorrect calculations.

Organize Your Documents

Ideally, it’s best to keep your receipts for deductible expenses organized throughout the year. However, important documents are often misplaced, so collect all of your receipts, earnings statements, and last year’s tax returns in one place before you begin.

Hire a Professional

Filers with only a single source of income and no itemized deductions may be able to easily prepare their returns themselves, but anyone with investments or self-employed workers should turn to an experienced tax return professional. Not only will they spare you a great deal of time and frustration, but they will often lower your liability by identifying deductions you would have missed.

Don’t:

Delay

The longer you wait before filing your taxes, the greater your odds of missing important deadlines if problems arise. Later in the tax season, you may also have difficulty finding a tax preparation professional who can take new clients

Forget to Report Income

Income of any amount, from almost any source, must be reported to the IRS, so gather all of your earnings information before you file. Forgetting to include an income source may expose you to additional liabilities later on.

 

Since 1999, Tudor Wilson & Associates CPAs has been one of Honolulu’s premier tax preparation providers, guiding individuals and business owners alike through the complexities of the code. With their expertise and advanced software, you can rely on their team to eliminate the stress of preparing your tax returns. Learn more about their tax preparation services online, or call (808) 592-2000 to schedule an appointment today.

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