We may be in the middle of summer, and taxes are the last thing you want to think about, however, it is still a very important topic you need to keep in the back of your mind. Before you know it, next year will be here, and you will need to file for 2018. Luckily, you are never alone during this process. The experts at SmarTax are here to make you have everything you need and avoid common mistakes. Filing for the first time can be hard, and it is easy to mess up. Let us help! We offer the best tax preparation near me.
Get Ready For Tax Season!
In the past, you may have had your parents, or their tax preparer, file your taxes. But now that you’re a working professional, you’ll want to take charge of your own finances. It is time to adult. You have finally made the choice to prepare and file your federal tax return.
Mistakes can happen the first time you attempt anything in life, and filing your own taxes is no different. Messing up on your tax return can cost you money, but you can take steps to avoid some common rookie tax-filing errors.
Common Mistakes From Tax Preparation Near Me
- Not filing at all
- That assumption could be a costly mistake. A number of factors determine whether you have to file, such as your age, income, and marital status.
- Filing without all your tax documents
- It’s a good idea to file your federal income tax return as soon as possible. But being in too much of a rush can work against you.
- Picking the wrong filing status
- If you make the mistake of choosing the wrong filing status, you could end up costing yourself some money.
- Overlooking the benefits of itemizing
- Itemizing your deductions could allow you to deduct more expenses versus taking the standard deduction. Some commonly itemized deductions are medical expenses, state and local taxes, personal property tax, mortgage interest, and charitable contributions.
- Failing to report all your income
- Not only are you risking penalties and interest on any unpaid tax and the potential for other serious consequences, but you’re also cheating yourself out of some expenses that could help lower your tax burden.
- Missing education credits or tax deductions
- If you attend college or have recently graduated, you may qualify for an education credit or deduction, such as the American opportunity tax credit, the lifetime learning credit or the student loan interest deduction.
- Making a clerical mistake
- Tax preparation requires a great deal of data entry. Before hitting the submit button to e-file, review your return carefully to ensure you’ve correctly entered key information
- Paying fees to get an advance loan on your refund
- Most federal income tax refunds typically come within 21 days after you e-file a federal return. But if you want money more quickly, you may consider applying for a refund advance.
- Not knowing if your parents are claiming you as a dependent on their taxes
- Your parents may have been claiming you for years and filing your taxes for you. But now, you’d like to file your own taxes. Before you prepare your return, talk with your parents so that everyone’s on the same page.
Call One of the Best Accountants Near Me
We are here to help, especially when it comes to an understanding common mistakes to avoid when filing taxes. SmartTax, LLC in Pembroke Pines want to ensure you are ready and informed when it comes to your taxes. Call or visit our experts today for more information. We are the “best accountants near me”!