Tips and tricks to avoid headaches during the tax season

The tax season can be taxed well in everyone involved. Regardless of whether you submit your own taxes or work with a tax specialist, this season can be stressful, hectic and confusing.

Here are a few tips and tricks that you can use on your individual return to avoid the pressure of the tax season.

Collect your thoughts and documents

Some of them may have come out of control if you are waiting for a 1099, a K-1 or a brokerage instruction, but one of the keys to a better prepared return is better prepared. Collect documents and may sort them by categories such as income, deductions and credits. This can help you or your preparer not only know what you have, but also what you miss or wait.

Be in good time

If you submit your own taxes, save the way to be ahead of things. If someone else prepares your return, the submission process can accelerate a complete recording of all documents. Most auditing companies use an approach with ahead, which means that your return is in a queue based on it when you come in (think first, first served first).

An earlier registration means that you receive your refund earlier or have more time to pay a due tax. If you or your preparers need everything to return and do not hesitate, everything runs more smoothly.

ask questions

If you were on a road trip, you know that the worst question you can ask is: “Are we already there?” This also applies to the preparation of the tax return. Tax advisors do their best to help all their customers as well as possible while maintaining high -quality service and maintaining a high standard for their work.

If you ask for a coarse timeline or an update, this is absolutely fine. However, if these simple inquiries are asked too often, these simple inquiries can move a preparer because they have to take the time to answer instead of working on a tax return. Do not be afraid to ask whether something should be included or to discuss tax problems with your preparer, since helpful information and communication are always better than none.

Other aspects

After dealing with some basics for a less stressful tax season, you will find some specific things that you can do that can affect your tax preparation and your potential tax liability.

Many people deal with the energy efficiency of their house and are looking for opportunities to reduce increasing heating and energy costs. There are several Federal Energy credits This can be used as well as maine-specific incentives by efficiency Maine.

Sports games has become a mainstream hobby in Maine. It is important to note that losses are only permissible if they dissolve or in the business of gambling (reaching a difficult threshold). Maine presents a tax of 7.15% for game gains (24% state).

Be careful with the day trade. If you have a variety of microtransactions all year round, you will receive a very large 1099 at the end of the year, which can be cumbersome and boring, which increases complexity and possibly costs.

If you have one Side farmer or second job, It is important to document your income and expenses over the course of the year for the accuracy of the return.

Be careful with revenue heaps. Enter annual sums by category or use spreadsheets to describe things such as contributions, business costs, etc.

The tax season does not have to be overwhelming or stressful with the right preparation – And no postponement!