This year, the tax deadline was pushed back to July 15th, but that date is fast approaching, and you may be anxious about filing. If this is your first time paying taxes or you’re still confused about the process, it helps to start with the basics. The guide below explains what a tax return is and a few basic pointers for tax return preparation.

What Is a Tax Return?

Your tax return is a set of documents that you file with the IRS and your state government to document your income and expenses for tax purposes. By completing these documents, you can determine whether you owe money to the government or they owe you. These returns are filed yearly, with a standard deadline of April 15th. On your tax return, you’ll report all sources of income, any deductions you’re eligible for, and business expenses if you’re self-employed.

How Can You File a Tax Return?

If you feel overwhelmed when looking at your tax documents, don’t worry. It’s an intimidating process for many people, but it just requires patience and thoroughness. The most important step you should take is always filing by the deadline. Otherwise, you may accrue interest and penalties on your tax burden. If you’re planning to claim charitable donations as a tax write-off to reduce the amount you owe, make sure you have documentation for the donation in the case of an audit. If your financial status is complicated by multiple streams of income, ownership of a business, or other factors, it is worth considering the help of a CPA for tax return preparation.

Are you looking for a trustworthy accountant in High Point or Kernersville, NC, to help with your tax return preparation? Work with the team at Scott Cornelius, CPA, P.C. They’re skilled at helping businesses and individuals alike. With their help, you can implement payroll solutions, budget more effectively, prepare for tax season, and plan your retirement. Learn more information on their website or call (336) 885-5100 to set up a consultation.