Simple Tips For Filing A Painless Tax Return

Tax season is known to cause people headaches, no matter how simple or complex their overall financial picture happens to be. Though taxes are inherently complicated, there doesn’t need to be a great deal of pain and confusion associated with preparing and filing a proper tax return. There are enough difficult things we have to deal with in day to day life, there is no reason to add filing taxes to the list. For a simple, pain-free process, consider a few simple tips that will take the hard work out of getting back the best possible federal tax refund this year.

1. Save Receipts Throughout the Year

Though today’s tax filers have more ways to file online than ever before, the International Revenue Service still reserves the right to ask for documentation or conduct an audit. If claiming anything more than the standard deduction, be sure to save receipts and documentation that will save time, money, and even fines, if the IRS has reservations about a return’s verifiability. Holding on to important documentation is a good habit to get into whenever you are dealing with finances. As the old saying goes, “better safe than sorry.”

2. File Taxes for Free Online

The best way to eliminate the IRS’ complex worksheets, and a graphing calculator, is to opt for online eFiling of a tax return. When using an eFile service, all of the calculations are done behind the scenes as each page loads. You simply have to fill in the boxes with the relevant information and the program will auto calculate your return or liability. That means there’s virtually no math done offline, and those who aren’t good with numbers won’t find that their math skills affect their return in any real way.

3. Use Direct Deposit Instead of a Paper Refund Check

The IRS will certainly still send out a paper refund check to those consumers who want one, but it’s a needlessly slow way to get a federal refund into the bank account. No one wants to wait by the mailbox for that check to finally arrive. Both online and paper tax forms allow for electronic depositing of funds via a direct deposit ACH transfer. Simply indicate the bank account’s routing number and account number, and then submit the form. The deposit is likely to be in place roughly three weeks ahead of schedule just by using this method.

4. File the Tax Return Earlier Rather than Later

Filing a tax return should never be a last-minute affair. The reasons for this are simple: Early returns get their deposits sooner than those filed in March and April, and those who file their taxes early don’t risk getting punished for potential late submissions that go beyond the IRS’ official April deadline. It also eliminates the last-minute stress of tax filing, which a Provo attorney from Dexter & Dexter law has identified as a major source of pain for most Americans who procrastinate in this regard. The IRS will not go away if you just ignore them, so getting filed sooner than later will save you stress in the long-term.

Easy Ways to Get Ahead and Remove IRS Filing Pain

Tax filers who file early, use online services, and opt for direct deposit, will have the easiest time getting their taxes done each year. Thanks to behind-the-scenes calculations, instantaneous transmission, and quicker electronic deposits, the whole process can be done effortlessly in just one sitting. While your parents used to spend hours sweating over a calculator, modern technology and resources will allow you to finish your taxes over your lunch break if you so desire.

 

Tags: Internal Revenue Service, Tax preparation, Tax refund, Tax Return

Category: Taxes