Even if you began preparing your 2017 taxes well ahead of the deadline, there are still last-minute items to consider. Whether you’re going back over your tax return with a fine tooth comb, searching for potential errors, or you’re just getting started on the process, there are some important things that you must not overlook when preparing to file your return. Keep Reading to get the rundown on 5 essential tax filing tips that could save you time, money and help safeguard against the stressful nightmare of an IRS audit.
1. Double Check SSNs
Most people have their social security number committed to memory by the time they reach adulthood. We’ll maybe. It’s not going to hurt to double-check your social security number for accuracy one more time. Make sure it’s correct and in the right place on your tax form. You should also make sure to double check any other SSNs that you need to include on your return, such as dependents or spouses. The IRS reports that incorrect or missing SSNs are one of the most common filing mistakes. This kind of simple mistake can cost time and money, and can even delay you receiving your tax return.
2. Compile Necessary Forms and Records
most of the papers you need to document the income, interest and withheld taxes you report will have arrived in your mailbox in January, with investment-related 1099s having arrived in February. Mortgage providers, credit card companies, banks and other financial institutions often upload those important 1099 forms on your online account. It may be a good idea to set up a folder in your email to keep all of theses important documents organized.
3. Credits, Credits, and More Credits
There are quite a few different tax credits and deductions that you may be able to benefit from. Not everyone will itemize their deductions, but you should still double check the credits you are claiming and possible deductions that apply to you. From child tax credits to earned income credits and more, if you want to make sure you are getting every applicable deduction, it may benefit you to seek out the help of a qualified tax professional to make sure you are getting the most out of your return.
4. You Can’t Blame the Post Office
This bit of advice has less to do with tax prep and more to do with how you manage your time. But when the outcome directly affects your tax status with the IRS, everything is related to taxes. It’s best not to wait until the last minute to file, but should you decide to go the old fashioned paper filing method, you should check the business hours of your local post office. The last thing you want is to be scrambling to file your taxes on the last day, only to find that the post office is closed. The last day to file taxes in 2018 is April 17th, so it would serve you well to make sure you get everything squared away before then.
5. Plan for Next Year
As you’re preparing and filing taxes this year, compile a list of the challenges, frustrations, and setbacks you may be experiencing. If you were too unorganized this year, plan ahead to get everything organized for next year. If your refund is too big or if you owe too much, get with your employer to make the necessary adjustments so you’re having the IRS take out the proper amount of taxes from your current paycheck. This will help you avoid any financial discrepancy as well as save you a great deal of stress
Conclusion
Ideally, you should never wait until the last minute to make sure you have all of your financial information and other necessary paperwork all together in one place. However, it’s not a bad idea to check and double check that you’ve filled out all proper forms and have all the proper documentation in order to file with the IRS.
What are some other tips to help make filing taxes a slightly less stressful process? Leave us a comment with your thoughts below.
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