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). You’ll also find software programs that can help in preparing and filing your tax return. It is also best to hire a tax professional or CPA if you need one-on-one or personal tax preparation assistance.
In order to help ensure the accuracy of your tax return, it is best to review it at least three times, so you feel confident in your decisions. Check all personal information to ensure they are correct, most especially Social Security numbers. 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. It becomes a lot easier to be prepared with your tax return by giving yourself sufficient time before your deadlines, most especially if you owe local or state taxes and you make quarterly estimated tax payments. You need to know the purpose of having a tax preparation checklist. By using a checklist, you may find items that you may have missed as well as those you have already accounted in the past.
The tax preparation checklist for personal information must include your social security number (SSN), your spouse’s social security number for married taxpayers, and your dependents’ Social Security Numbers. For the income adjustments’ tax preparation checklist, you need to check for any adjustments in your home buyer tax credit, student loan interest deduction, medical savings’ account or MSA contributions, green energy tax credits, IRA contributions, mortgage interest tax deduction, self-employed health insurance, and job-related moving expenses.
There are many tax deductions and tax credits for different expenses, to help in lowering the amount of tax that an individual have 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. In order to get your tax refund faster, you can provide your bank account number and your bank’s routing numbers so it is directly deposited into your bank account. If you need help with your tax preparation or filing of your tax return, feel free to check homepage or website of Sunnyvale.