The tax season is on with especially last couple of weeks remaining to get your tax filed into the system. Those who are still rounding up their tax papers and documents have got until April 15th to submit and file taxes. More importantly, with the new tax reform brought in by President Donald J. Trump, there are millions of taxpayers wondering about the implications on themselves, family and business. Due to the introduction of the new tax law and brackets, there are many aspects that need to be taken care of in order to maximize the return and take complete rightful advantage of it.
Whether you are filing taxes for your own or for business, it is obvious that tax season requires you to plan and organize. This could be stressful but to ease your way into it, the best is to go through a guide, take professional help or least opt for tools that can ease your taxing worries.
Following are the helpful tips for you to cope with the 2019 tax season.
1) Preparation is Vital
Planning well in advance for your tax season will not only bring you peace of mind and help you avoid last minute rush and errors but also saves you from tax penalties. For the latecomers, there is always the option for an extension with IRS form 4868 however, filing late taxes could lend you in trouble with paying extra 25% of your total unpaid tax amount. It’s better to avoid such conundrum by allocating some time from your everyday schedule to buckle up for the tax season by gathering and organizing your tax paperwork.
2) Being Systematic
Ever thought that a single lost document could cost a company more than $100. Yes, you read it right an IDC research study suggests that businesses lose 7% of productivity to search and redraft lost documents. Hence, being systematic is going to pay you off well. To begin with, you can create separate folders, cabinets for all types of tax documents. Make sure to keep a handy hard and soft copy available at any given time. You can organise based on business expenses, W-2 forms, charitable donations, etc.
3) Taking Professional Guidance
Tax rules get amended frequently and become more complicated every year. It is better and advisable not to get confused and misunderstand during filing, deductions and other important aspects of taxes and personal returns. Consulting a tax professional can pave the way to easily be done with your tax filing without being stressful and making any mistakes.
4) Be The Tech-Savvy Tax Payer
Avoid last-minute rush to file for taxes and more so ever, try not to complete and send your tax file by mail. You can use the e-file service to quickly be done with filing tax leaving you ample amount of time as the process can be completed in no time. In January 2019, IRS announced stating that their website i.e, ‘IRS.gov’ is the best portal to file taxes and direct-deposits in the fastest and safest way. Electronic tax filing system helps you to file an accurate income tax return and receive a refund.
5) Use iFax To Do More Than Fax
iFax can do more than just to send and receive faxes online. With its wide array of cutting-edge features, iFax certainly can help you in filing taxes right from your mobile or smart device. Connecting to a leading cloud storage account, you can directly upload your tax documents and also keep them organized by categorizing your faxes. Additionally, the best part is that you can use your iFax app to fill forms and sign documents and send it back in no time.
As we are almost just 2 weeks shy from the 2019 tax day, we hope that the tips put together in this informative blog post will help you ease your worries about tax rules and new guidelines. Moreover, haven’t we all have heard of “A Stitch In Time Saves Nine”. Well, practically it should save your tax day