If you don’t know where to begin with your taxes, Trustway Accounting’s (205-463-5260) checklist can help you keep track of the important aspects of the process.
Don’t let this tax season suck the joy out of your life – stay organized, learn how to track down all deductibles and credits you qualify for, and file your returns as a pro – with this checklist from Trustway Accounting.
Visit https://trustwayaccounting.com/blog/b/tax-prep-checklist-filing-tips for more information.
As of March 28–29, 48% of Americans have yet to file their taxes, a recent survey from Trustpilot found.
According to the report, 13% of respondents are not confident in their ability to file their taxes accurately, while 8% don’t know where to find the right resources - making Trustway Accounting’s latest release timely and relevant.
Whether you’re just filing your taxes for the first time or very experienced, there’s something to learn from the checklist.
It provides a quick overview of the various requirements for filing federal income tax, including the different forms you’ll have to complete and practical tips for maximizing tax credits and deductions.
The first step in the tax preparation process is to gather all the necessary documents, the guide says. The paperwork may include your income statements (for completing W-2, 1099, or SSA-1099 forms) and deduction documentation (if itemizing). And, if you’re filing for your business, you’ll need your corporate bank statements, business expense receipts, and depreciation schedules.
Emphasizing the importance of choosing an appropriate filing method, the expert highlights the three main approaches to filing returns: online tax preparation software, manual filing, or professional tax services.
You will also find other helpful pre-filing tips, like how to effectively estimate your tax liabilities, to prevent any surprises.
The guide goes on to discuss the various ways you can lower your tax obligations using tools like tax deductions and credits. While deductions reduce taxable income, tax credits are used to reduce the amount you owe, it explains.
Deductibles can include:
Conversely, tax credits may include:
“Preparing for tax season doesn’t have to be daunting,” says a company spokesperson. “By gathering the forms needed to file taxes, following the tax prep checklist, and learning about tax deductions and credits, you can navigate the process of tax preparation with confidence.”
Trustway Accounting offers a variety of accounting and tax solutions, including payroll and cash flow management, invoicing, and reporting, as well as tax preparation and filing, enabling businesses to stay on top of their finances.
For a stress-free tax filing experience, get this expert checklist from Trustway Accounting.
Check out https://trustwayaccounting.com/blog/b/tax-prep-checklist-filing-tips
