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4 Tips For Headache-Free Tax Preparation in Newport News VA

When it comes time for the year’s tax preparation newport news va residents can gain a lot by being organized. Being prepared when filing your taxes can maximize your return, minimize costly mistakes and save you from problems in the future. Keep reading for some tips that will help you with your tax preparation newport news va.

Have Necessary Documents Ready

It’s essential that you have certain documents and information ready before you begin to prepare your taxes. According to the IRS, you will need your W-2 forms, last year’s tax return, your taxpayer ID number and the Social Security numbers of your spouse and dependents. If you’ve done any private contract work, you’ll also need an 1009 form. Also, be sure to bring along proof of any additional income such as social security benefits, rental income or unemployment payments.

Seek Help If You Need It

Although many people file their own taxes electronically, don’t hesitate to meet with a tax preparation professional if you’re confused or your tax situation is complicated. An accountant will know how to efficiently navigate tax complexities, and you will probably recoup their fees and then some by getting a bigger tax return.

Keep Your Receipts All Year

People often don’t realize all the tax credits that they may be eligible to receive. Be sure to save receipts and records all year long so you can take advantage if you qualify. You may get a tax credit if you’ve made any charitable donations or IRA contributions. You can also receive tax deductions if you’ve purchased tools or equipment for work, installed any energy-efficient appliances in your home or incurred certain moving, travel or medical expenses. There are many tax credits available; contact the IRS or a tax professional for a full list and eligibility requirements.

Double-Check Your Return

Simple mistakes on tax returns often lead to drawn-out processing times that will delay any money you have coming to you indefinitely. Before you file your return, double-check it to make sure your name, Social Security number and address are all correct. Also take this time to make certain you’re satisfied that you’re applying for all qualifying tax credits.

Whether you are filing your return yourself or with the help of a professional, making sure you are prepared and organized can save you time, money and hassle. Follow the tips above for a headache-free tax preparation this year.

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