When it comes to your tax preparation, one of the best techniques is getting organized with the use of tax preparation checklist, so you can check what you need in the future and for you to see what you’ve already done. There are available free tax help from IRS for those eligible taxpayers like Tax Counseling for the Elderly (TCE) and Tax Assistance (VITA). You’ll also find software programs that can help in preparing and filing your tax return. It is also best to hire a tax professional or CPA if you need one-on-one or personal tax preparation assistance.
Don’t be tempted to send off your tax return without reviewing it three times. All your personal information entered on your tax return must be correct, most especially the Social Security number because any mistake may lead to longer and slower IRS processing. Tax preparation does not always begin the day you feel you want to file your tax return, you should be ready all year round. It is best to be prepared at all times because you don’t want to put yourself in a vulnerable position and you want to avoid potential problems in the future. Know your deadlines so you can give yourself sufficient time for tax preparation. Know your overall goal of your tax preparation checklist. When moving down the checklist, you’ll find items which might be missing and those that were accounted for in the past.
The tax preparation checklist for personal information must include your social security number (SSN), your spouse’s social security number for married taxpayers, and your dependents’ Social Security Numbers. The tax preparation checklist for income adjustments so you can increase your chance for higher refund amount may include home buyer tax credit, medical savings’ account or MSA contributions, student loan interest deduction, green energy tax credits, IRA contributions, self-employed health insurance, mortgage interest tax deduction, and job-related moving expenses.
You can lower your taxes through checking your tax deductions and tax credits for various expenses. The different items under your credit and deductions preparation checklist include education costs, childcare costs, adoption costs, casualty and theft losses, qualified business expenses, medical expenses, charitable contributions or donations, and home office expenses. If you want your tax refund directly deposited into your bank account, you need to provide your bank account number and your bank’s routing numbers. Sunnyvale can help you with tax preparation now, you can check our website or homepage now.