April 18, the deadline to file and pay your federal taxes is drawing near! Filing an accurate tax return will help you avoid extra work and processing delays. With that in mind, today we bring you four tips to avoid mistakes on your tax return.
1. File Electronically
We live in a time of automation, so why not take advantage of it to file your taxes? Electronic filing helps mitigate the risk of mistakes because many of the calculations are double checked automatically. Another compelling reason to choose electronic filing is that it ensures that you get your refund as soon as possible.
2. Use the Correct Filing Status
Your filing status is a category that determines how much tax you pay. There are five filing statuses:
- Married filing jointly
- Married filing separately
- Head of household
- Qualifying widow(er) with dependent child
If you are unsure about which filing status to use, the IRS offers a free tool called What is my filing status? Just click on the link and then on the button “Begin” to get started.
3. Report All Your Taxable Income
Remember, all your income is taxable, even if you are paid with goods or virtual currency. This includes workers in the gig economy such as Uber drivers. Reporting all taxable income will help you avoid penalties and processing delays, but it can also lead to finding overlooked deductions or credits.
4. Double Check the Basics
Getting the basics right is always important, and taxes are no exception to this rule. Here’s a quick list of the details you have to double check before filing your return:
- Date of birth
- Social Security Number (SSN)
- Routing and account numbers
- The IRS address (if you are filing a paper return; to find the address you have to use, click here)
- Make sure to sign and date the return
File Your Taxes With JT Tax Services
At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws. We are located in Oxnard, California. Contact us today by email (firstname.lastname@example.org), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our service