Getting Your Taxes Done Right The First Time
If you're like most people, paying taxes can be a confusing process that you never truly understand
. Many people go through the whole process thinking they finally figured out the system, but then come to find out you still owe money to the IRS.
Make sure you put exactly how much money you make during the year; never put less and never put more. When the IRS checks your income and who you say you received the money from, they also check that person's taxes to see if they claimed you. If the numbers don't match up, you will have a very big
problem on your hands.
Make sure you deduct for everything that you can. With things in the world going green, there are so many household things that you can use as deductibles on your taxes. Things like energy star appliances, hybrid cars, and buying your first home can be claimed for tax credits, giving you more money for purchasing things.
Children require a lot of things, and those things cost money, be sure to account for everything it takes to provide for them; including food, clothing, and schooling. Paying for a college student's tuition, and room and board should also be claimed on your taxes. Expenses like that need to be recorded so the government know exactly how much money you're putting into things like education in this country.
There are a few things to do to avoid paying the government even more of your money, and the first is to decide how many dependents you have. If there are five people in your household, not including yourself, only claim four of them so that more money is taken out of your paycheck, then you will receive money during the income tax season.
Another thing to account for is any form of unemployment that you or a spouse experienced during the year. The suffering economy has caused many people to lose their jobs, and the government supplements for those people to help them make ends meet.
Single income households also pay less in taxes because one person's paycheck has to stretch further,so if you or your spouse stays at home while the other works, be sure to include that in your tax write-up.
There are many more ways to maximize you return during tax season, all of which can be researched and included in your write-up. Beware, however, of websites saying you can claim things that you cannot. If non-existent or inapplicable claims are made on your tax return, you can end up owing more money, or suffer the legal penalties for lying on your taxes, even if you didn't know what you
claimed was not claimable.
If all of these things are confusing or overbearing for you, or you just don't want to deal with any mistakes or take the time to do your own taxes, a smart choice is to higher a tax accountant.
This ensures that your taxes are done correctly, since the accountant should know all of the ins-and-outs of the tax laws, allowing you to write the most amount of deductibles and get the largest return
and the least amount of mistakes.
Most large companies who offer tax services also give you a type of insurance policy with their services. This gives you the piece of mind that if anything goes wrong, the company who did your taxes will pay anything that you owe to the IRS.
Their fees are typically very low, and the reassuring fact that you won't have to pay if something was filed or written down incorrectly, can potentially save you hundreds, if not thousands, of dollars.
The tax process can be long, tedious, and stressful process, but it is very important that it is completed correctly the first time. If it is not, severe monetary penalties can be inflicted on you, and if those penalties are not paid off in a timely manner, your credit score could suffer, and/or you could end up in jail for failing to pay off outstanding debts to the government.
by: Jack Landry
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