November 8, 2018
Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better.
Here are a few top tax tips to ensure you have the best tax return experience you can possibly have, whether you’re going it alone, or getting help from a pro:
Top Tax Tip No.1
Be as organized as possible and get some preparation done a few weeks before anything is due. The later you leave things, the more likely you are to miss a tax credit or deduction opportunity, and the more stressful everything will become.
If you’re using a tax professional, it still pays dividends to be thinking about your tax return in advance, and making sure that you have all the relevant information ready for them as soon as they ask for it. Not only will this help your tax pro, but the earlier you file in the season, the earlier you’ll get your refund, it really is as simple as that.
Top Tax Tip No.2
Try to understand and recognize some of the credit and deduction opportunities that might be available to you. While nobody is expecting you to become an overnight tax expert, the more you understand about the whole process, the more likely you are to file a successful and fruitful return, irrespective of whether you’re filing independently, or with the help of a tax professional.
Top Tax Tip No. 3
Be aware of key deadlines so that you don’t get caught out late filing. Penalties apply for late filing and are just a silly way of costing money that you really needn’t have had to lose had you been a little more tax savvy. Of course, tax professionals will be aware of filing deadlines, but if it’s your first time using one, you need to get in touch with them well in advance of your tax return due date.
Top Tax Tip No.4
Begin thinking about next years tax return as soon as possible, as this will enable you to optimise your situation for the following years taxes. Forward thinking and planning are sure to pay off, even if it simply means that you don’t make any mistakes when filing, but more importantly, it gives you the time to tailor your personal or business circumstances to get the best reward at tax time.
For more detailed information about maximizing your tax return, and having a stress free tax experience, get in touch with a professional tax professional today.
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