Tax season is one of the most stressful times of the year – especially if you’re anticipating a complicated tax process. Whether you’re a young adult filing taxes for the first time or an experienced businessperson, many people dread this time of year, and it’s not without reason. Considering that making mistakes on a tax form can lead to a real headache down the line, it’s perfectly normal to worry. However, there are many steps you can take to minimize your stress while filing taxes. This post will list just a few to help you get started.
Start early
If you start preparing for your taxes in January or February, then you’ll have plenty of time to do all of your research and make sure that you’ve got everything organized before April 15th rolls around. Keep your timeline in mind to make sure you’ll have everything you need when the time comes. This isn’t to say you should worry about taxes all the time, just that you should remember to prepare when you can. The earlier you prepare, the less likely it is that you’ll be surprised by any late fees or penalties.
Organize!
This may seem obvious, but getting organized can make a real difference in your stress levels. The stress of tax season can feel smothering, but getting a better idea of what you need can make it more manageable. Having all your documents together ahead of time helps keep things smooth. It also gives you extra time to complete any additional forms that need filling out. There’s nothing worse than finding out you need to prepare supplementary documents right before the deadline hits.
Be Prompt
It’s easy for us to procrastinate when we’re under pressure. Remember to get your documents in order well ahead of time. There’s no need to wait until the last minute to start getting your tax information together. It helps to know you’ve done all you can. This process can ease your mind and give you a sense of control over your situation. Not only that, if you know what your returns need to look like, it makes filing much more manageable. This means you can get it over with just that little bit faster.
Keep Records
You probably want to spend as little time as possible thinking about your taxes. However, keeping them in mind throughout the year will make the filing process simpler for you later. The IRS requires you to keep certain documentation in case they audit you. It would help if you kept receipts of all business expenses, charitable contributions, deductions, and potentially other types of records. Plus, if you’re keeping track of your finances as you go, there will be fewer surprises when you file.
If you aren’t sure what documentation you’ll need to file your taxes, don’t be afraid to ask a tax expert. It’s their job to know what tax documents you need and help you with the whole process.
Consider Tax Software
Don’t forget about e-filing! E-filers save time and money by eliminating the wait for paper forms to arrive at an office. Instead, they can file online with no postage costs and no waiting. If your income is under a certain level, you may even be able to use this service for free. These services are handy if you don’t think your taxes will be particularly complicated. For a more complicated tax return, you might consider alternative options.
Check the IRS Website
The IRS can be intimidating, but they want you to get your taxes correctly filed to make things easier for yourself and them. The IRS itself has resources to help you with your taxes. With its filing tips, FAQs, and interactive Q&A features, they can help you out as well. Take a look at their website to see if you can get your questions answered there.
Hire a Tax Expert
You might be tempted to try doing your taxes yourself to save money. This can be fine for those anticipating a simple tax return, but it can get out of hand quickly for those with more complex finances. If you find yourself struggling with something, or you just want another pair of eyes to check things over for you, don’t hesitate to reach out to an expert. Here are just a few benefits of hiring a tax expert:
Peace of Mind
With an expert on your side, you can be sure that your taxes are being handled properly. Knowing you can turn to someone with specific tax experience can make the whole experience less stressful. Not only that, their expert tips could lower your payments or net you a bigger refund than if you’d done it yourself! A tax firm can even deal with the IRS for you if needed. Overall, hiring a tax expert is well worth the money.
Get Your Questions Answered
If you have questions, be sure to ask your accountant or bookkeeper before the deadline! There’s no use ignoring a problem you don’t know how to solve. It will only make things more complicated later. It’s best to address it early to make sure you don’t have to worry about it for long.
You won’t find a better place for answers to common tax questions than a tax firm. It’s a busy season for everyone, and tax experts understand that better than anyone. You can reduce your tax season stress by arming yourself with knowledge, so you won’t encounter any surprises. The better you know your way around a tax return, the easier it will be for you to get through it quickly.
Call LBS Tax!
Taxes are stressful, but remember that there are people who can help. At LBS, we’re dedicated to ensuring that you have a less stressful tax filing season. We’re expert tax preparers, and we’re on your side. We handle both business and personal tax returns, and we’re ready to help answer any questions you may have. These services aren’t restricted to in-person meetings, either; we offer e-filing as well. If you need expert help getting your taxes done this year, check out our website and send us a message!