Taxes... is there any word capable of causing more stress and uncertainty? Whether you are a tycoon with a vast financial empire, or your assets are limited to a bank account and a car, the tax laws can either work for you or against you. Ultimately, we can all stand to handle our finances with more sophistication. This article (including the links below) explains the basics of tax return preparation, when your report your income and expenses to the Internal Revenue Service (IRS). It also explains how to complete certain sections of the form and provides information about how to get legal assistance with your tax related issues.
Choosing the Right Form
The first issue tax filers will face is the choice of the appropriate form. In most cases, based on what you filed last year, the IRS will mail you Form 1040, Form 1040A, or Form 1040EZ with related instructions. Before you fill in the form, look at the form instructions to see if you need, or would benefit from filing a different form this year. The type of form you use depends on a number of factors, including your marital status, how much income you earn, whether you plan to use itemized deductions, and the types of credits you plan to claim. You should also see if you need any additional forms or schedules.
Tax Return Preparation in Six Steps
Once you determine which form to use, the next step is preparing your return. Simple mistakes in tax filings can result in an audit, which make careful preparation particularly important. Follow the steps below to ensure your tax return is prepared correctly and the information provided is accurate.
There are many questions and issues that can arise in the process of preparing your taxes. If you have additional questions about the tax return preparation process, you should explore the IRS links below for in-depth information on preparing and filing your return:
Let a Professional Help You With Your Federal Tax Return
The tax code is one of the most complicated sets of laws in the entire American legal system. If you have concerns about preparing your tax filings a qualified tax lawyer can help protect your assets, while ensuring that you stay on the right side of the law. Contact a local tax attorney who can help you navigate the tax code.