Thursday, May 13, 2021

Tax Season Dos and Don’ts

 



The dreaded Tax Day is quickly approaching, and with it comes a lot of pressure. You need to do many things to ensure that your taxes are filed correctly, and while it may seem like there's no time left, there's still plenty of time if you start now. With these Tax Day Dos and Don'ts, you'll be prepared for all that comes with filing your taxes.

Dos:

  • Be organized by saving receipts and organizing paperwork before the deadline.
  • Use electronic filing if possible as it will save time and money with less paperwork needed to be filed.
  • Double-check your tax withholdings by comparing them with last year's income and other documents related to earnings from this year.
  • File as early as possible-- filing before Tax Day will give you more time to work out any kinks in your taxes.
  • Know which forms to fill out, such as W2 or 1099.
  • Ask a professional if you're unsure about anything when it comes to your taxes.
  • Take advantage of any tax breaks or deductions that you may be eligible for.
  • Be aware of what deductions you can take on your taxes before filing.

Don'ts:

  • Don't forget to sign your return.
  • Avoid procrastination! This could lead to forgetting essential documents or incurring penalties from a late filing.
  • Try not to forget deductions-- many taxpayers overlook this section of their return, but it can save a lot of money!
  • Don't wait until Tax Day to file your taxes. It would help if you started as soon as possible.
  • Try not to forget to make sure you have all your financial documents in order - make copies or digital files if necessary, so they are readily available on the day.
  • Don't be unprepared for your interview with a tax professional. They are here to help you, so make sure you're all ready for them!

Contact Us For Property Tax Reduction in Suffolk County, Long Island

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com

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