- Personal Finance
Taxes- who likes doing them?
Tips that can help you relax when the taxes are filed.
Hello fellow Hubbers. Did you know that doing your taxes every year can be a painful experience if you don't know how to do them correctly? Things can go horribly wrong such as you overpaying the government when you don't really have to, or when you don't add something in your tax file that should be there, causing the IRS to come hounding at your door.
So what can you do this year to prevent yourself from doing your taxes wrong and maybe even getting a bigger check from the government? Relax! Here are a few tips that will help:
If you file your taxes by paper OR if you are using tax preparation software at home:
1. Check your work. Make sure that you have written down all of the necessary things in the correct forms you are filling out.
2. Have a trusted person or someone who does their taxes on a regular basis check your work to make sure you have everything in order.
If you take your tax forms such as W-2 or 1099 forms to a tax preparer such as H & R Block or Liberty Tax:
1. Make sure you have all of the necessary forms with you so that the tax preparer can fill in all of your necessary information in the computer program correctly. This will ensure that your tax refund will be as high as it can possibly go.
2. Go over your final draft of the computer generated tax return with the person who is helping you do your taxes. The person will be able to explain everything that they put into your tax form so that you understand exactly what was done and how much you are going to receive as a refund from the government.
If you do not need to do a tax return this year because you didn't work or you didn't make enough money this year to file, relax! You don't have to file this year!
If you do not file this year but you made enough or even more to file, beware of the IRS. They will definitely ask you next year as to why you didn't file this year. On top of that you will be fined. So if I were you, I would just file my taxes like everyone else does.
Good luck and happy filing! As always, comments, thoughts and ideas are greatly welcomed! I hope you get fat checks back from the government this year!