5 Lessons Learned: Accountants

Sunnyvale: Increasing Awareness and Understanding About Tax Preparation

When it comes to tax preparation, it is better to get organized by having your own checklist, so that you can physically see what you have already done and what needs to be completed in the future. There are available free tax help from IRS for those eligible taxpayers like Tax Counseling for the Elderly (TCE) and Tax Assistance (VITA). Many people also use tax preparation software in order to maximize tax credits and tax deductions, stay organized and be able to file tax returns electronically. If you need one-on-one or personal tax preparation assistance, a certified public accountant or CPA or a tax professional can be hired.

Don’t be tempted to send off your tax return without reviewing it three times. All your personal information entered on your tax return must be correct, most especially the Social Security number because any mistake may lead to longer and slower IRS processing. Tax preparation does not always begin the day you feel you want to file your tax return, you should be ready all year round. It is best to be prepared at all times because you don’t want to put yourself in a vulnerable position and you want to avoid potential problems in the future. Know your deadlines so you can give yourself sufficient time for tax preparation. You need to know the purpose of having a tax preparation checklist. When moving down the checklist, you’ll find items which might be missing and those that were accounted for in the past.

For the tax preparation checklist for your personal information, you need to know who is filing the tax return and how many people are covered by it, and you need your social security number (SSN), your spouse’s social security number (if married), and your dependents’ Social Security Numbers. In order to reduce the amount you owe in your taxes, the tax preparation checklist for income adjustments to increase your chance for higher refund amount includes home buyer tax credit, green energy tax credits, IRA contributions, mortgage interest tax deduction, student loan interest deduction, medical savings’ account or MSA contributions, self-employed health insurance, and job-related moving expenses.

For your different expenses, there are many tax deductions and tax credits to help lower the amount of tax you need to pay. The different items under your credit and deductions preparation checklist include education costs, childcare costs, adoption costs, casualty and theft losses, qualified business expenses, medical expenses, charitable contributions or donations, and home office expenses. If you want your tax refund directly deposited into your bank account, you need to provide your bank account number and your bank’s routing numbers. Come and check our website or homepage now so Sunnyvale tax preparation can help you, for a hassle-free and stress-free tax return filing and preparation.

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