Tax Filing

Tax Filing

With October 15th tax filing deadline fast approaching this year, you should have them filed by tomorrow for those on an extension.  Filing your taxes is a significant and mandatory procedure.  Tax Filing is most likely the least of your worries, but there’s some great news.  With software available, you can do it yourself within a few hours.

Income tax is the most likely the important tax that’s collected by virtually all governments, across the world.  Nonetheless, it’s much better to pay as much as you can of your taxes you believe you owe.  If you think you’re not capable of doing taxes all on your own, then you want to think about selecting a tax preparation service or company carefully.  If you want to do this on your own, online tax filing is actually convenient and a hassle-free alternative for reporting and paying your taxes due.  In case you have not considered electronic income tax filing before, it’s time to contemplate e-filing your returns this year.

You can do taxes all on your own using the hottest professional tax software available. There are companies like TurboTax, HRBlock and don’t forget the free e-file if you are under a certain income bracket at IRS.gov.  Be careful that you are on the correct site, as there are many look a-likes out there, trying to get your information which can cause your identity to be stolen.

Throughout the year you should be tracking your Income and Expenses especially if you have a business.   Make sure you keep your income and expense documentation regardless of a business or personal return as follows:  (This is directly from the IRS.gov site, Publication #583).

IF you… THEN the period is…

1. Owe additional tax and situations (2), (3), and (4), below, do not apply to you 3 years

2. Do not report income that you should report and it is more than 25% of the gross income shown on the return 6 years

3. File a fraudulent return Not limited

4. Do not file a return Not limited

5. File a claim for credit or refund after you filed your return Later of: 3 years or 2 years after tax was paid

6. File a claim for a loss from worthless securities or a bad debt deduction 7 years

As a reminder to the military personnel, because of the American Retrieval and Reinvestment Act, the taxes aren’t withheld from military payments, it’s import to keep tabs on your tax obligation.

One sure method to potentially flag your return for additional examination is failing to report all your earnings.  Failing to File your income tax returns will cause hefty penalties and interest.  If you believe you’ll be not able to file your federal individual income tax return at the deadline, it’s wise to file for an extension, but please keep in mind that payment is still due, regardless of whether you have filed an extension or not.

There are many items online available to you to help you with your taxes.  Check out IRS.gov and review Publication 17 for this years changes to tax laws/procedures.  Again make sure you go to .gov, NOT .net or .com as these are not the governments sites.

If thinking about taxes is just to much for you, and you feel overwhelmed, you can hire a professional. Always make sure you research the individual on their qualifications before you go to them, the best isn’t always the one that is going to get you the biggest refund!  However, should you find yourself under audit, the professional you had hired should be able to handle the audit for you at a no or reduced cost, because you are their client.

Disclosure: Some of the links in this post are 'affiliate links.' This means if you click on the link and purchase the item, I will receive an affiliate commission.
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