10 Business Tips For A Less Taxing Filing Season

Tax preparation

6. There are many options for filing your tax return. You can prepare it yourself, go to a tax preparer or you may be eligible for free face-to-face help at a volunteer income tax assistance site. You can find your nearest VITA site by going to http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers. Give yourself time to weigh all the options and find the one that best suits your needs.

7. If you elect to have your refund directly deposited into your bank account, you will receive it faster than a paper check in the mail. Always double-check your bank routing and account numbers prior to e-filing your return.

8. Visit the official IRS website often as it is a great place to find everything you need to file your tax return. You can find all forms, publications, tax tips, answers to frequently asked questions and updates on tax law changes.

9. Check out IRS Publication 17, Your Federal Income Tax, as it is a comprehensive resource for taxpayers, highlighting everything you will need to know when filing your return.

10. Finally, Review! Review! Review! And do not rush when completing your tax return as we all make mistakes when we rush. Mistakes slow down the processing of your return. Also, be sure to double-check all the Social Security numbers and math calculations on your return, as these are the most common errors.

Look for my upcoming articles on:

 

 

  • The latest on charitable deductions for 2012.
  •  

  • Understanding Your IRS Collection Notice, Collection Process and Your Rights. Business owners and individuals must learn what actions IRS may take to recover taxes owed and Publication 594, IRS Collection Process explains these actions.

 

Other related tax issues:

New IRS Rules On Hurricane Victims & Retirement
IRS Relaxes Hardship Distributions and Loans of Retirement Plans For Hurricane Sandy Victims

More Tax Changes on the Horizon
Hispanic businesses would be wise to keep an eye on Congress and the Supreme Court as the tax landscape is set to change dramatically in this election year.

Big Insights on Taxes
Tax changes for Hispanic businesses are on the horizon as the Bush tax cuts expire at the end of this year. Find out whatÂ’s changing and how to plan.

Richard Torres E.A. has over 30 years of experience in IRS collections, examinations and communication outreach departments. As President of TNT Business Tax Consultant he provides technical tax advice, represents, and prepares tax returns for individuals and entities with tax-reporting requirements. He provided training and seminars to tax professionals and small businesses on tax law updates/changes. Richard is an Honorary Member of the Dutchess Regional Chamber of Commerce, a member of the NYSSBDC for Latino Entrepreneurs Advisory Board, and recipient of the Hispanic Internal Revenue Service Regional V.P. Service Award, 2011 NYSSBDC Federal Enforcement & Compliance Award, and 2011 US Department of the Treasury Albert Gallatin Award. Richard holds a Bachelors of Business from SUNY New Paltz.

 

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