03 Apr 3 Tips To Prepare For Year End Taxes
Many people suffer from serious anxiety around tax time.
As an individual or small business owner, it can be difficult to understand the thousands of tax laws and if you are not careful, you can end up owing large sums of money that you may or may not have.As 2013 winds to an end and you prepare to file this year’s taxes, keep the following tips in mind to make the process much easier.
Both the IRS as well as state governments have made it much easier to file online than ever before. Only a few years ago, the majority of individuals and small businesses were forced to mail in their tax returns. This allowed for theft of important personal documents as well as a slow process for receiving your refund. Today, it is easier than ever to file your taxes online. Depending on the financial situations of your state as well as the IRS, you can often receive your tax return within a few weeks after filing. Both the IRS and individual state governments offer direct deposit of your return which is extremely convenient for most Americans.
File On Time if Possible
While filing for an extension does not necessarily increase your chances of being audited, if you can file on time, it is usually recommended that you do so. When filing an extension, you are required to estimate your tax liability and actually pay it even when you are not filing your taxes. For this reason, there is not much benefit to filing for an extension as it does not give you extra time to pay any taxes that you owe during a given year.
Ask for Help
When filing your taxes, there is nothing wrong with asking for help from a local CPA firm. Accountants live and breathe taxes and would be more than happy to help you with any of your tax needs. Many times, the cost of an accountant is not nearly as expensive as you may imagine. Who knows, your accountant may unearth deductions that could pay for their services in a given year.
If you are ready to hire an accountant to take away some of your stress around tax time, contact Accurate CPA Services, a leading providing of a wide range of accounting services in the Washington, DC Metro Area.