Top Tips for a Painless Tax Season
Published on January 14, 2013 by arothstein
Students and faculty in the Accounting Program at Broadview University understand the stress of tax season. Our instructors have experience in the field and share that with their students. The students and faculty at Broadview would like to share these tips for tax season with you!
Having a painless tax season is everyone’s goal. Getting to that goal is easier when you use the tax tips below. By making sure you have a firm grasp on what you need to do and when you need to do it, you can take a lot of stress out of tax season.
- Start Now! Getting all the necessary documents together as soon as possible is the first step. It is never as easy as just jumping on line to e-file. You need all the information together and in good order before you begin doing your taxes. Another reason to start early is if you are to receive a refund the sooner you file the sooner that refund is in your hands. Do not wait until the last possible day to try and file. No one needs the stress of trying to find everything they need and then trying to get it all in the proper place at the last second. Keeping your records in order throughout the year is ideal, but if you have everything scattered around get it together as soon as possible.
- Filing your taxes on line is a great way to go. The online systems often will point out deductions you may have missed or give you a clearer idea of the taxes you are required to pay. Getting your tax return to the IRS in this manner eliminates the possibility of loss in the mail system or a problem on their end with processing paper returns.
- Have back up for everything on your return. Keep all of your supporting documents in one place so that not only are they together when you file but you will have them if you are audited. This is important because getting a letter telling you the IRS is going to audit your return is stressful enough without having to wonder what you did with the documents.
- Be honest when filing your return. This is serious business and the IRS has the right to ask for proof of everything on your return. When you are honest when filing you will have no worries if the audit letter comes. Tax laws are laws like every other law in the country. They need to be followed to keep you out of trouble.
- Ask if you are unsure of something. Tax professionals have the necessary knowledge to answer your questions and give you advice. The best tax professionals have an accounting degree and understand how the tax system works. They take continuing education classes to stay current on all the latest tax changes. Do not think you are doing your taxes right, ask a professional and know you are doing it right.
If you are considering a change in career consider the amount of work that is generated by the tax system. People who have an accounting degree are in place to help others pay the least amount of tax that they legally are required to. There will always be taxes and people will often turn to professionals with an accounting degree to help them. Contact Broadview University for more information on a career in accounting.
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