For first-time tax filers, the thought of completing your tax return may be overwhelming. But once you get started, you’ll be surprised at how simple it really can be if you understand the basics. Here are 6 tips that will get you off to a smooth start to filing your tax return for the first time.
Determine How You Will Prepare Your Return And File
You can prepare your tax return yourself, or seek the assistance of a professional tax preparer. If you are using the simple form 1040EZ, you may find that preparing your return yourself is the way to go. Filing can be completed online or by mail using paper forms, and there are benefits to each method. If you’re intimidated by the thought of preparing your own taxes, then you may find that using a professional tax preparer would be best for you, especially since this is your first time filing.
Know What Is Required
There are documents and forms that you’ll need to use in order to file your tax return. Just a few of those are income (w2) forms, bank and investment brokerage statements that indicate transactional gains/losses, certain expense receipts, charitable donation receipts, and forms relating to your home.
You will save a lot of time and effort by organizing your tax documents and receipts throughout the year, before you prepare your tax return. Create a complete checklist of what is required by you, and which forms you are expecting to receive each year. And establish an organized filing system for both paper and electronic documents to help you keep your information organized. When filing time approaches, you’ll appreciate having all your documents in one place so your filing process moves smoothly.
Don’t Be Late, Get A Head Start
Do not wait until the last minute to begin working on your tax return. Find out what date the tax returns are due, and give yourself plenty of time to complete your return. You may encounter delays in receiving some of your required tax forms, you might not have expected that completing your return would take so much time, or your delay might be caused by simple personal scheduling problems, so it’s best to prepare for the unexpected. And should you owe money in April, you’ll want plenty of time to prepare for sending the amount that is due. While it is possible to file for a 6-month extension if you’re not able to file by the due date, it is preferable to have completed your filing by the original due date.
Check Your Work
You’ll hate for your first ever tax filing to be complicated by simple errors in math or with your personal information. You’ll prevent a future headache and hassle by spending just a few minutes looking over your return to ensure that it is accurate.
Don’t Get Lost
If you have questions about completing your return, or if you have found that you are lost in the midst of filing, don’t be afraid to seek the assistance of a professional tax preparer. Its best to stop and ask before proceeding with doubt.
Tax Filing Company Serving Troy MI
E&Y Insurance Agency keeps up with the ever-changing tax environment so that we can complete your tax returns professionally and quickly. E&Y offers affordable tax preparation services in Troy and we encourage your phone calls with any tax filing related questions you may have. Call our office today at (248) 362-1313.