| Each year there are millions of Americans who | | | | research the most frequently overlooked tax |
| prepare their own federal and state tax returns and | | | | deductions to determine which deductions they may |
| even more individuals have their taxes professionally | | | | qualify for. |
| prepared. Whatever choice a taxpayer makes there | | | | Another one of the most common tax tips that |
| are a number of important tax tips that everyone | | | | taxpayers need to be aware of is what to do if they |
| should know. | | | | can't pay the amount of taxes owed on federal or |
| A W-2 or 1099MISC is needed to accurately prepare | | | | state tax returns. The biggest mistake that taxpayers |
| a federal or state income tax return. There is always | | | | make when realizing that they cannot pay the amount |
| a chance that a taxpayer may misplace these forms | | | | due on their taxes is to not file a tax return. Some |
| or for one reason or another the forms may not have | | | | people think that not filing a return will prevent a refund |
| reached them. For federal tax returns and most state | | | | from being owed on time when in reality it can make |
| tax returns a W-2 or a 1099MISC is required. Individuals | | | | the situation a lot worse. Taxpayers can file an |
| who do not attach these items are likely to prevent | | | | extension deadline; however, the estimated amount of |
| their tax returns from being processed or cause a | | | | taxes owed is still due on the traditional tax deadline. |
| refund delay. The Internal Revenue Service (IRS) | | | | The Internal Revenue Service (IRS) will impose a |
| states that all taxpayer should receive their W-2 or | | | | number of late fees and penalties on tax payments |
| 1099MISC forms before February 15th. Individuals who | | | | that were not received in time. Just ignoring the Internal |
| did not receive these items are encourage to contact | | | | Revenue Service (IRS) may increase the number of |
| their employer to determine why the forms have not | | | | or the amount of penalties. |
| arrived. Taxpayers who misplaced their W-2 or | | | | One of the most important tax tips that a taxpayer |
| 1099MISC forms are encouraged to contact their | | | | needs to keep in mind is that the Internal Revenue |
| employer right away to receive a copy. Taxpayers | | | | Service (IRS) and many state governments change or |
| must do so because even if a wage or income form | | | | update their tax laws each year. For this is reason |
| is missing a tax return is due on the traditional April 15th | | | | taxpayers are encouraged to check out the website |
| deadline or else late fees and penalties may be | | | | of the Internal Revenue Service (IRS) or the website |
| assessed. | | | | of their state tax department to determine if any of |
| Another one of the popular tax tips that taxpayers | | | | the tax law changes need to be applied to their |
| should know about is tax deductions. It is estimated | | | | federal or state tax returns. |
| that each year the American public loses millions of | | | | These helpful tax tips are just a few of the many tax |
| dollars from tax deductions that they were entitled to, | | | | tips that can help tax preparation flow more smoothly. |
| but failed to claim. A professional tax preparer and a | | | | The above mentioned tax tips will also help to reduce |
| tax software program may prompt an individual to | | | | the amount of money that an individual owes on |
| claim tax deductions that they qualify for. Individuals | | | | federal or state taxes or even potentially increase the |
| preparing their own paper taxes are more likely to | | | | amount of their refund. Why pay late fees or lose |
| miss tax deductions that they may claim. To prevent | | | | money on tax deductions that you deserve? Let these |
| this from happening taxpayers are encouraged to | | | | and other helpful tax tips assist you this tax season. |