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