Tax assistance – Handy sources and tips
If you are looking for assistance in filing tax returns, you can find numerous tools, applications, resources, and advisors for the purpose. To do your taxes correctly, you need to first understand the law of the land, the availability of deductions, and the documents you need. Here, government resources, community programs, and free or paid software can offer sound advice. To help you get started, here are tax help sources along with a few tips:
Sources of tax assistance
To begin filing taxes, you need to make a note of the documents and forms you need, the tax laws applicable to you or your business, and the latest tax updates. So, here are a few tax help sources to consider for the information you need:
IRS website: The Internal Revenue Service (IRS) is responsible for collecting federal taxes for the government. Its website should be the first resource you explore, as here you can find publications, tax forms, FAQs, and law information to help you understand how to file taxes.
IRS publications: IRS publications are informational booklets for taxpayers. To begin with, you can refer to “Publication 1: Your Rights as a Taxpayer” and “Publication 17: Your Federal Income Tax” on the IRS website.
IRS programs: IRS offers various free programs for tax assistance. The three primary programs here are Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE) program, and AARP Tax-Aide Program.
Service provider: You can find certified and reliable chartered accountants or tax agents in your locality to help you file taxes. These professionals can also provide personalized assistance. Common tax help service providers include certified public accountants, enrolled agents, and online tax filing platforms.
Online forums and communities: While the information should come from credible sources and individuals, looking up tax-related queries can help you find free discussion forums and valuable tax advice.
Handy tips
Calculating and filing your tax returns requires careful consideration, extensive research, and accurate calculation. Here are some of the tips that can ease this process significantly:
Organize your documents: IRS has provided a checklist regarding important documents to carry with you if you are at the local VITA or TCE site. You should study this checklist and ensure you carry all 14 documents, including W-2 forms, receipts, and 1099 forms.
Note important deadlines: You should ensure you do not miss the deadline to file for returns to avoid penalties. The usual deadline for an individual taxpayer in the country is 15 April. However, these deadlines can change depending on holidays.
Maximize deductions: You should utilize ways to reduce tax payments. You can learn more about deductions like student loan interest and charitable contributions through IRS publications or tax professionals.
Consider retirement contributions: The IRS allows you to add payments to your retirement account. This will help you secure your future and reduce tax payments.
Keep up with tax law changes: It is important to stay updated when it comes to tax laws, as they can change from time to time in response to the economic situation.
Paying taxes does not have to be a complicated process, as with the right resources and assistance, you can learn about key steps. Here, the official IRS website is a crucial free resource to consider. It can help you with everything, from understanding eligibility to tax forms and deadlines.