4 Things Every Taxpayer Should Know About Filing

4 Things Every Taxpayer Should Know About Filing
  • Opening Intro -

    Each year, the rules for filing taxes change.

    There are either big or small changes, depending on the current economic climate, that affect the filing procedures.

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There are four main things that you should remember when filing your taxes this year.

Look for Exemptions

Exemptions reduce or remove the amount of your tax bill. Examples include charitable donations, scholarships, retirement income and payments made on energy-saving technologies.

Do not assume automatically that you have a certain exemption. You may lose this privilege if your adjusted gross income exceeds a certain amount.

As you file your tax return, the program you are using or the expert you are consulting should assist you in finding out what exemptions you qualify for.

Extensions Are Available

Many people still believe that the April or May tax filing deadline is non negotiable. If you don’t file by the specific date, you do not miss your chance to file at all or receive a refund.

You have the option to request an additional six months of filing. Be sure to do so ahead of time to avoid confusion and strife. If you can it is usually better to file before the deadline for your own convenience.

Attorneys Can Help

Anyone should use a tax attorney in addition to an accountant. Tax attorneys can help you to file tax returns, but they’re best at stepping in to assist you after a problem occurs.

They explain the tax laws in simple terms and resolve any legal issue concerning you. Working with a tax expert significantly reduces your chances of undergoing an audit.

Additionally, use the professional’s expertise to decrease your bill and increase your chances of receiving a refund. An attorney is also a good ally to have during an audit.

Consulting this professional helps you move through the process smoothly without making new errors. Expertise can go a long way if your taxes are especially complex, if you run a small business, or work freelance. They can help you find parts of your taxes that you might have missed.

Not Every Expense Can Be Deducted

A deduction reduces the total amount of your tax bill but only if you qualify. Examples include certain out-of-pocket medical expenses, expenses for freelance work, mortgage interest, student loan interest and charitable donations.

However, most of the money that you spend buying personal items, such as groceries, rent, utilities and transportation fees, are not deductions.

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Itemizing your deductions is recommended to reduce errors and account for high-cost expenses. Take this step when you do not qualify for a standard deduction.

Each year, countless taxpayers get in trouble for either missing the filing deadline, making errors or omitting information. The invention of tax software has made it easier to file and follow current tax filing regulations.

However, you cannot simply rely on software to tell you every step to take. There are many rules that might be obscure or difficult. There are other tips that you should know to file accurately and on time, whether it’s for this year or any year.

Image Credit: things every taxpayer should know by envato.com

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Categories: Tax Tips

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