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March 14, 2016

5 Ways To Make Tax Preparation Easier

Tax season is a hectic and time for families across the country. Regardless of your job, dependents or expenses, getting the pertinent information together is simply a hassle for which most individuals are ill-prepared. Fortunately, there are a few simple steps which anyone can take in order to simplify the annual tax preparation process and to make the most of returns with as little stress as possible.

1. Organization

Staying on top of your tax preparation information can make a huge difference. Gather the pertinent documentation before settling in to complete the tax forms. W-2 and 1099 forms, mortgage interest, income information, tuition and fees documentation and several other types of information should be considered necessary for the coming process, and should be gathered in an orderly manner and set aside where they are easily accessible.

2. Know What You Need

The main struggle for most individuals is that they simply do not know what sort of documentation they need, what expenses are relevant or what they should or should not include in general. Getting a guide can help to clear the air here. The IRS Publication 17 is widely available to print for free on the internet. This document provides all of the information needed to those looking do to taxes, including related laws and a guide on everything needed in order to complete the tax preparation forms efficiently and correctly.

3. Returns

Most people prefer the electronic returns method, a quick and efficient way which prevents a great deal of theft. To do this, you may have to file your taxes through one of many tax organizations which will in turn file your taxes with the IRS. However, if you do not prefer an electronic payment, discussing your options with one of these professionals is advisable.

4. Assistance

Most people in the country meet the criteria for free assistance when it comes to filing taxes. The Free File Program provides most citizens under the age of 49 with an income of less than $62,000 plenty of options when it comes to free help with filing taxes. For those who do not meet these criteria, the IRS has two more separate programs – the Volunteer Income Tax Assistance and the Tax Counseling for the Elderly – which offers assistance anyways.

5. Time

Doing your taxes is a large project and should be allowed plenty of time. Those rushing through are bound to make mistakes which could result in a loss of returns and general inaccuracy. Set aside a block of time solely for this project when you have time to spare.

Taxes can be a pain. However, by following these simple steps, completing your tax preparation paperwork can become a much easier and much more accurate project.