Are you a wiz at getting your tax forms filled out accurately on time or early without much stress? Do you have any specific tips or preferred software you use to make your tax magic happen?
Tax time is in full swing for most American readers. While your tips and tricks for stress-free filing of American taxes are much-needed and appreciated, how cool would it be if we could get some tips from across the world? Do you have an odd tax tip that applies only where you live? We’d like to learn it!
Make sure to include a link and name with your tip so we can give you proper credit if we use your tip in a future post!
My mother-in-law volunteers for AARP eacy year doing taxes. It’s free and offered to everyone, no matter their age. AARP volunteers are required to take a significant amount of training, so are very reliable.
Leigh Mutert from H&R Block here – don’t get me started on my favorite subject! This year my company launched Ask a Tax Question on our site where answers are provided by Tax Professionals – FREE!
My personal tip – keep everything in one file. At tax time, I don’t have to hunt down the paperwork and by referring to my prior year return I have a starting point for what I need. If only tax time would come during the time of year when I’m not so busy at work…
If you pay someone to prepare your taxes, make sure they sign your returns.
Don’t buy audit insurance or pay for refund anticipation loans.
Limit amount of money I make so as not to be hit too hard.
I have businesses in America and India. My best recommendation is to never take one person’s advice. Just like you’d get a second opinion on a doctor’s advice. Use the same mentality when it comes to accountants and taxes. ESPECIALLY if you owen and operator your own business. Accountants are humans too, they’re not guru’s.
Question them if you don’t understand something…
Cheers,
Rishi
I used turbo tax again this year. I am sure I save us at lease $1500 by doing it ourselves. It’s the knowedge that we had that we knew and wouldn’t have necesary told the tax preparer. YOU CAN DO IT!
Get your tax details done as soon as possible, not at the last minute on April 14….
If you do it yourself – know the limitations of the software.
Off the shelf software cannot determine your basis in a partnership, SCorp, stock or real estate investments. Basis is a HOT issue with the IRS.
It cannot tell you when to make an election to treat capital gains as investment income.
It cannot tell you when to amend a prior year return because of a change in tax law.
It won’t tell you how to change your withholding or make the proper estimated tax payment to avoid penalties or large over payments.
Tax professionals a considerable amount of time staying current on tax laws. There is a reason that professional tax preparation software costs so much more than Turbo Tax and Tax Cut.
Trying to learn it all by cramming on new tax law each year on one of the biggest bills your family pays, isn’t necessarily a good value.
I always spending about a week thinking about additional deductions that I can take after I have completed my return. I always come up with additional items that I can put on one of the business forms.
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1040Works cuts processing time in half by allowing you to prepare an entire
tax return from a single input screen or use the STaR (simple tax return) Wizard.