There’s no doubt about it: filing taxes can be a daunting task. This is especially true for those that have never done it before. With pages of paperwork to contend with and tons of tiny blanks and boxes to fill in, you might wonder if you’re taking some kind of entrance exam. In a way, it could be considered one of many that pave the way to adulthood. But you don’t want to risk failure since it could lead to fines, an audit, or other penalties. And you need to understand which types of deductions or oversights could raise red flags with the IRS, giving them a reason to audit you. There’s a pretty steep learning curve associated with filing taxes, and you don’t want to fumble your first time out the gate. So here are a few things to consider before you send in your tax return.
Call the IRS. While it’s easy enough to download the documents you’ll need from the IRS.gov website, you might not even know which forms you need for your annual income tax filing. Luckily, the folks at the IRS are available to answer any questions you might have. There is a wealth of information available through their website, but you can also visit the nearest IRS office to talk to an agent, call their help line, or send queries by email. Best of all, these resources are available for free, and getting information from the source means you’ll get it right the first time.
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Every year at tax time consciousness shifts toward saving money on the inevitable tax payments we make. Each person’s tax circumstances are unique, with some filers reporting by way of conventional W-2 forms and others accounting for self-employed income as required by the IRS. While each filer wants to pay his or her share; almost no one wants to make additional contributions, beyond what they rightfully owe.
