Congratulations! You were able to get your extension filed on time, and you now have a few more months to get what you need to file. But what exactly do you need to “get together?” And if you weren’t able to get what you needed the first time, how will the second time be any different? No worries though.
If you feel as if you’re way in over your head with your taxes, the best thing to do is seek the assistance of a tax professional. These are a variety of professions like Enrolled Agents, Certified Public Accountants, Financial Planners, and Tax Preparers.
While paid preparers are well and good, filing taxes won’t be as easy as waving a magic wand. So, if you just dump a huge pile of tax information on a tax professional’s desk, YOU should be prepared for a long day, and probably an even longer bill. Be well prepared; it will work better for you and the accountant. Here are a few tips that’ll get you ready.
Keep Accurate Records
You must keep accurate records, whether you file on your own or not. Things that you should be keeping record of are receipts, invoices, and bank statements. You being organized is key here; the more you are, the better things will go. It works better to keep up with these things throughout the year rather than sorting through everything at the very end.
Track Payments to Contractors
Did you know that the 2 percent Social Security reduction is now eliminated making the current Social Security rate 6.2 percent? If you didn’t, then your second objective is to become aware of the current tax rates. Ask your tax professional for further details.
Know Your Tax Deduction Qualifications
There are so many tax deductions, especially for small business owners, that you can take advantage of. If you’re not aware of them, you are missing out on maxing out your deductions. It’s highly recommended that you consult a tax professional in order to take advantage of everything available to you.
For more information about tax deductions, check out the following blog:
Maximizing Your Deductions
Hire a Professional
As mentioned earlier, when in doubt, seek your local tax professional in regard to your taxes. They can accurately advise you can and cannot do, which can save you time and money – not to mention constant refiling.
File a Tax Extension
Of course, the best advice during any tax season. If you are not properly prepared by the tax filing deadline, file a tax extension, which will allow you an additional three to six months to file your tax return.
Important Note: An extension doesn’t extend the time to pay your taxes. The IRS still expects full tax payment of any taxes due. Failure to pay the taxes by the due date may lead to penalties or fees.
You can easily and securely receive more time to file your return by e-filing an extension with ExpressExtension. We offer extension forms for business tax, personal tax, and tax-exempt organizations. Download our FREE app to e-file your personal or business tax extension from any iOS or Android tablet. Or visit the mobile site to e-file your exempt organization extension from any smartphone mobile device.
For more assistance in e-filing a tax extension, contact our live professionals from our Rock Hill, South Carolina office. We’re available by phone Monday through Friday from 9am to 6pm EST at (803) 514-5155. You can also get in touch with email at [email protected] or live chat at www.expressextension.com.