Accounting / Tax Returns

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Tax Accounting

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Top Frequently Asked Questions

What to Know

How do you file your tax return?

Filing your tax return involves several steps, and there are various methods you can choose depending on your comfort level with technology, the complexity of your tax situation, and whether you prefer professional assistance. Here's how you can go about it:

Determine if You Need to File:
Use the IRS online tool to find out if you're required to file based on your income, filing status, and age. Even if not required, you might want to file to claim a refund or tax credits.
Gather Your Documents:
Collect all necessary tax documents like W-2s for wages, 1099s for miscellaneous income, receipts for deductions, and any other tax-related paperwork. You should receive these by the end of January for the previous year.

Choose Your Filing Method:
Electronically:
IRS Free File: If your adjusted gross income (AGI) is $79,000 or less, you can use IRS Free File for a guided software experience or Free File Fillable Forms if you prefer to do it yourself. This is especially recommended for simpler returns.
Commercial Software: Options like TurboTax, H&R Block, or TaxAct guide you through the process, often with options for live expert help. These can handle more complex tax situations.

IRS Direct File: For those in participating states with simple tax situations, this allows direct filing with the IRS for free.

Paper Filing:
Download or request forms from the IRS website. This method is less common due to longer processing times but is still available.
Prepare Your Return:
Fill out your Form 1040 or other applicable forms. If using software, it will generally guide you through the process, asking questions to determine what you can claim or deduct.

File Your Return:
If e-filing, submit through the software or IRS website. If filing by paper, mail it to the address listed in the tax form instructions. Remember, the deadline is typically April 15, but check for any changes or extensions.
Pay Any Taxes Owed:
If you owe taxes, you can pay online, by phone, or by mail. Ensure payment is made by the due date to avoid penalties, even if you file for an extension.
Track Your Refund:
Use the IRS's "Where's My Refund?" tool to track when you'll receive your refund if you're expecting one. Electronic filers with direct deposit generally see refunds faster.
Keep Records:
Keep copies of your tax return and all supporting documents for at least three years in case of an audit.

Remember, if your tax situation is complex (e.g., self-employment, multiple income sources, or significant deductions), you might benefit from consulting with a tax professional. They can offer personalized advice, ensure you're taking advantage of all possible deductions and credits, and help you avoid common mistakes.

For residents of specific states or with particular tax scenarios, state-specific guidelines might apply, so check with state tax authorities or the software you're using for state filing details.

What pitfalls can small businesses easily avoid when filing a tax return?

When preparing your tax return, there are several common pitfalls you should avoid to ensure accuracy and compliance with tax laws. Here are some key issues to watch out for:

Incorrect or Missing Information:
Ensure all personal details, including Social Security numbers, names, and addresses, are correct. Mistakes here can lead to delayed refunds or rejection of your return.

Math Errors:
Simple arithmetic mistakes or inaccuracies in transferring numbers from one form to another can result in IRS notices or incorrect tax calculations. Using tax software can help mitigate these errors by automatically checking calculations.

Filing Status Mistakes:
Selecting the wrong filing status can impact the tax you owe or the refund you receive. Double-check to ensure you're using the status that best fits your situation.
Unreported Income:
All income must be reported, including income from freelance work, investments, or the gig economy. Failure to report all income can lead to penalties or audits.

Over or Under-Claiming Deductions:
Deductions should be based on actual, allowable expenses. Overclaiming or claiming ineligible deductions can attract scrutiny from tax authorities. On the other hand, missing out on deductions you're eligible for can increase your tax liability.
Not Keeping Adequate Records:
Maintain thorough records of income, expenses, and deductions. Lack of documentation can make it difficult to substantiate claims if audited.
Filing Too Early or Late:
Filing prematurely without all necessary documentation can lead to mistakes. Conversely, missing the deadline can incur penalties unless an extension is filed.

Errors in Bank Details for Refunds:
If you choose direct deposit for your refund, ensure the bank account and routing numbers are correct to avoid delays or misdirected funds.
Missing or Incorrect Signatures:
A tax return without signatures is invalid. Make sure all required parties sign the return.
Ignoring Tax Credits and Exemptions:
Many taxpayers miss out on credits like the Child Tax Credit or education credits. Check your eligibility for all possible tax benefits.

By being mindful of these pitfalls, you can streamline your tax filing process, potentially save money, and avoid unnecessary interactions with tax authorities. If you're unsure about complex tax situations, consulting with a tax professional can be beneficial.

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