Tax season is in full swing, and for most people that means frantically trying to gather all of the documents they need and filling out tax forms. But even after all of that work, many people still make mistakes on their tax returns. In fact, according to the IRS, about one-third of all tax returns contain errors.
Most of these mistakes are small, but they can add up over time and cost taxpayers money.
Here are five things you shouldn't forget when filing your tax return:
- Making sure you have all of your relevant documents, including W-2s, 1099s, and receipts.
- Filing on time – the deadline is April 18 this year.
- Filing correctly – make sure you use the correct form and that all of your information is correct.
- Claiming all of the deductions and credits to which you’re entitled.
- Checking your return for mistakes before filing.
Even if you’re confident in your ability to file your taxes correctly, it’s always a good idea to have someone else review your return before submitting it. A tax professional can help make sure you haven’t missed anything and that your return is filed correctly.
Filing your taxes can be a daunting task, but following these tips will help make the process a little bit easier. And don’t forget, if you need help filing your taxes, there are plenty of resources available, including tax professionals and tax preparation services like The Oasis Firm.
So don’t hesitate to ask for help if you need it.
The Oasis Firm is a tax preparation and financial consulting firm that offers a wide range of services to individuals and businesses. Visit our website to learn more about our services.
References:
https://www.investopedia.com/financial-edge/0110/10-things-you-should-know-about-1099s.aspx#:~:text=The%201099%20form%20is%20used,income%20during%20the%20tax%20year
https://www.irs.gov/forms-pubs/about-form-w-2
https://www.journalofaccountancy.com/issues/2010/jun/20102524.html