With April coming up, many people are beginning their tax preparations. Although many taxpayers don’t look forward to tax season, it doesn’t have to be an annoying, time-consuming, or difficult experience. If you’re worried about getting your taxes in on-time and filing everything correctly, here are a few do’s and don’ts to keep in mind.

Do:

Get organized.

Tax preparation requires a variety of documents. Before getting started with the filing process, collect the documents you’ll need, including W2s from employers, information on student loans and health insurance, and tax forms from your bank. Begin this process early in case you have difficulty finding any documents.

Seek professional assistance.

Work with a CPA if you need help with tax preparation. An accountant will ensure your return is filed correctly and that you have all the necessary documents for credits and deductions. They will also use their experience and training to offer tips to increase your tax refund.

Don’t:

Forget to include all your sources of income.

If you had side jobs that earned $600 or more, you must report them on your taxes. Failure to do so could lead to stiff penalties and fines. Make sure you understand the tax code, including the proper forms to use, when reporting your income sources.

Wait until the last minute.

Start early in case you need time to request missing documents that you need to file your taxes. Additionally, if the government owes you money after taxes, you’ll get your payment quicker. Also, tax preparation experts are often busy during March and April, so they won’t have as much time to help you. 

Blow through your refund.

While it’s tempting to splurge when you receive your refund, practice financial responsibility. Put the funds into an emergency savings account or use it to pay off any debts. If you do want to splurge, set aside at least part of your refund to invest or put into an account. 

If you need help filing taxes in Watertown, CT, contact Bergamo Tax & Financial Solutions. They offer tax preparation help, as well as accounting services, such as estate planning, audits, investment assistance, and services for business owners. Call (860) 274-1655 to speak with a member of their team or visit their website to learn more about their services. This firm also works with clients in Litchfield, Waterbury, and Middlebury.