When you need tax preparation, it is important to avoid mistakes that could result in audits, penalties, or other consequences. To ensure your returns are filed as correctly and accurately as possible, follow these 4 tips.
1. Go through your receipts in small chunks.
If you have collected dozens or hundreds of receipts over the past year, do not try to go through them all in one sitting. Not only is this dangerous for your eyes, but it also leads to mistakes because you get tired of looking at tiny numbers and multiple lines, over and over again. When preparing receipts for your CPA, work through them in batches of 10-20 to prevent eyestrain and miscalculations.
2. Don’t assume that the standard deduction is applicable.
Itemizing your taxes is more stressful and time-consuming than taking the standard deduction, but it can also be incredibly profitable. You might leave hundreds or even thousands of dollars on the table by failing to itemize, and over several years, this could damage your financial future. Instead, itemize your taxes with the help of your CPA to take advantage of the greatest returns.
3. Submitting your only copy of your tax documents.
Before you mail your tax documents to the IRS, always make a copy for your own records. If your submission is lost in the mail or if you need to check a number from the original form, you do not want to suffer the consequences of failing to keep a copy for yourself. Keep your copies for the next five to seven years, then dispose of them responsibly using a shredder.
4. Choose a responsible, experienced tax preparer.
Attempting to file your own taxes is a mistake. Not only could you make costly errors, but you might also leave a significant chunk of change on the table. The better strategy is to hire an expert tax preparation near Atlanta GA so you’ve got the benefits of his or her experience and expertise.
The IRS is a scary organization that often leaves taxpayers feeling stressed and self-conscious. However, if your taxes are prepared by Fricke & Associates, LLC, you can rest easy knowing your financial documents are accurate and whole.