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As tax season approaches, it's time to start gathering the appropriate forms and getting ready to file them. However, many people find this process stressful or confusing, which causes them to make mistakes that may delay the process or even result in legal consequences. To ensure your taxes are filed correctly and on time, follow these do's and don'ts from tax service professionals.

Do:

Include all income.

If you have multiple jobs, make sure you report your income from all of them to the IRS. Failure to claim your earnings, even for part-time and short-term employment opportunities, may result in hefty fines, auditing, and even prison time for tax evasion.

Apply for an extension if necessary.

tax serviceIf extenuating life circumstances make it difficult for you to file your taxes on time, ask the IRS for an extension. They'll usually grant you an additional month or two to submit the paperwork. However, keep in mind that if you wind up owing money to the government, you'll get charged interest after the official due date on April 17.

Don’t:

Wait until the last minute.

Taxes are due in mid-April, but avoid last-minute stress by filing your taxes in advance. Start getting your W-2 forms in the mail in late January or early February, and submit your return as soon as you receive all of the necessary documentation.

Hesitate to hire a tax service.

If you're unsure how to calculate your tax return or determine how much you owe to the IRS, hire a professional tax service to help. While you may want to do it independently, accountants can often help you save money and avoid making costly mistakes.

 

Make filing your return quick and easy with tax services from Tostrud & Temp S C. These accountants have over 35 years of experience providing personal and business bookkeeping services to clients throughout La Crosse County, WI, so you can be sure they have the knowledge to help. Call (608) 784-8060 to schedule a consultation, and visit them online to learn more about their financial accounting services.

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