Do you fear April 15th because you have to get a huge cheque to pay your tax bill? It’s yet another tax time; and so let’s do a proper tax preparation before an enormous tax bill engulfs us.
When it comes to preparation & filing of your taxes, I would say, earlier the better. I would always encourage my clients to get a head start on tax preparation soon, particularly since early filers avoid the last minute rush and get their refunds sooner.
Here are some simple tips to get a good jump on your taxes long before the deadline:
• Collect your records in advance. Make sure you have all the needed records, including W-2s and 1099s. Don't forget to save a copy for later reference.
• Try to get the right forms on time. They're available around the clock on the IRS Web site
• Take your time to fill in the details. Don’t rush and make mistakes that can end up in serious troubles later. An experienced tax preparer can help you in this.
• Double-check your calculations, social security number and various details that you have entered. These are a few among the most common errors that we usually find in tax returns. Taking care of these would reduce further delays in processing and will speed up your refund.
• Try to get the fastest refund. An electronic filing option will speed the payment of refunds, which can be beneficial to millions of taxpayers. Taxpayers who e-file and choose direct deposit for their refunds usually gets their refunds in as few as 10 days.
• Keep an eye on the new stimulus package - The new stimulus package is still in a state of doubt, around the halls of Congress, and if it passes, there can be some really beneficial tax credits coming your way.
• Are you planning to buy your first home? This might be a good time to take the plunge - As you know; home ownership has always brought tax benefits for those sensible buyers. Once the stimulus package passes, there can be a proposed tax credit of $8,000 to first-time homeowners or those who haven’t owned a home in the last three years. As of now this opportunity extends to homes purchased before July 1, 2009.
If you’ve looked at itemizing your taxes this is the right time to start. The IRS gives you two methods that help you to determine your total deductions and so that you get methods that leads to the biggest total deductions-and the smallest tax bill. This won’t be always clear and hence be prepared to do some figuring.
• Invest in your health - Health Savings Accounts reduces your taxes considerably
It’s better to approach a professional tax preparer than doing the preparations yourselves, as they can make matters hassle free and quick, flawlessly.
You need more tips, well, the answer is simple – Approach Keltron Tax & Brokerage Corp.
Keltron Tax services can help you in tax preparation and filing so that you can make it on-time. Be a fast –filer, why take a chance? We can also help you in doing a proper e-filing, an easier option. E-filing provides quick confirmation that your return has been received and gives you a faster refund.
Don't panic. These are not tough. If you have any queries, call us soon. We have our ever set help desk to cater your needs.
PS: For those who lost jobs
“If you or your spouse has recently lost a job, changing your withholdings might put some extra money in your pocket-especially if one of you has been withholding too much,” says experts. “Just be sure that your withholding matches your tax liability. Adjusting your withholding just so you get more out of a paycheck isn’t a good idea if you’re not prepared to pay the bigger tax bill when your taxes come due next year.”
How to do it? It’s simple, Call us soon!
