What Not to Do With Your Tax Returnadmin
Tax returns are confusing, there’s no doubt about that. So, we have to compiled a list of things that you should avoid when it comes to filing your tax return.
Waiting Until the Last Minute
This is an obvious one. Although life can be stressful, putting off your taxes will only make it worse. You will save more time and energy in the long run by filing before the deadline. Your accountant will thank you too!
Not Filing an Extension
If you know for a fact that you won’t be able to get your taxes done in April, don’t sweat it! There is an extension you can file that will extend the deadline until October 15th. Not filing this extension can cause extra fees, so talk to your accountant to get one filed as soon as you know you will need it. (And remember, just because you filed an extension, doesn’t mean that you should wait until October to get your taxes filed. Don’t wait until the last minute!)
Ignoring IRS Letters
Getting an IRS notice can be scary, and it may seem easier to put it away and forget about it. However, these notices can become a serious problem if you ignore them. It’s best to address the issue right away. If you have questions about an IRS notice, contact us and we’ll help solve the problem!
Giving Your Accountant False/Incorrect Information
It is best to be completely honest with your accountant. Take your time in finding all the correct numbers and tax forms, that way you don’t have to amend your return at a later date. Being dishonest will only cause more problems in the future.
If you have any more questions about the do’s and don’ts of tax returns, check out more of our blog posts or contact us here to ask more questions!