4 Tips For Stress-Free Tax Filing

March 5, 2021

Tax season can cause serious stress, especially if you think you owe money. If you’re about to do your taxes and are feeling nervous, take a moment to breathe. Use these tips from your Encino tax consultants to streamline the process as much as possible. 

File Early If You Can

The more time you give yourself to file your taxes, the less pressure you will feel. Keep all of your tax documents in a dedicated folder, including all forms from your employer, your health insurance and student loan documents, and your list of charitable deductions, if applicable. Filing early ensures your taxes get accepted long before the deadline and allows you time to make corrections if necessary. 

Be Aware of Imposter Scams

IRS scammer activity increases during tax season for obvious reasons. Remember that the IRS only communicates by mail and will never call, text, or email you. If you receive any non-paper mail communications from someone claiming to be an IRS agent, hit the ‘spam’ button or hang up. Imposters will say anything to make you think you need to pay when you don’t. 

Refresh Yourself on Audit Triggers

While the IRS can randomly audit anyone, they typically look for numerous things that cause them to audit taxpayers. Among the most common triggers are claiming to earn a lot or very little income, spending or depositing significant amounts of cash, claiming an excessive amount of even-numbered deductions, claiming a hobby as a business, and owning a cash business. Keeping assets and cash in another country, such as the famous Swiss bank account example, also triggers audits. 

Work With a Professional Tax Prep Service

Allowing professionals to handle your taxes reduces the chances of errors and ensures your filing won’t trigger an IRS audit. By working with your Los Angeles accounting service, you’ll enjoy peace of mind because experienced professionals will prepare your taxes. You can also ask them any questions that simplify tax processes in the future. 

If working with Wallace & Associates is right for your tax needs, contact the accountant service in Los Angeles today.