That time of year is upon us again, when taxes come due and forms must be sent out. With the right preparations, however, you can be ready and even have time to spare this year when it comes to taxes.
Procrastination will just lead to great frustration. While tax day nears, the stresses of organizing and finding the many correct documents begins to build quickly. In addition, the stress of everyday life compounds the stresses of getting taxes filed on time. All can quickly become unpleasant once you imagine yourself waiting in line the day taxes are due.
Taking the time to prepare in advance ensures that your life can proceed as planned without the interference of tax day. Utilize these tips in getting prepared for tax season. Thus, you will have your records in order and will be ready to proceed.
Maintaining organized records as you go will have a huge impact. This will save you from that realization of knowing that you once had a very useful receipt but have no idea where it is. Take it even a step further than simply shoving all receipts in the "tax box". Create files ahead of time and fill them with your receipts as you go. Organize the files into sections and dates. Sections can include travel, clothing, gas, business expenses, and charitable donations. As you file receipts, do so by date.
Use an excel spreadsheet to organize receipts and track those which qualify for deductions. You will save yourself a lot of time at tax time by doing this. Also, this will lead to tax time being less dreadful and you may find that you are more inclined to tackle the tax forms knowing you have all that you need ready and prearranged. One of the most significant forms is the charitable donations form. Even the IRS reports that numerous people do not fill this portion of paperwork out correctly, and lose out on deductions. Obviously, proper record of donations is required.
Make the time prior to being stressed out to learn how to properly fill out the tax forms. Not only will this assist you in knowing what sort of receipts are beneficial to keep, but your reporting will also be more precise. It is not a secret that incorrectly filling out tax forms may lead to an audit, or delays, at the very least. By comparison, most of us can agree that taking time to learn the forms is worth it.
ATS was first conceived on the 4th of July 1985 in the historic Benicia City Park landmarked by the gazebo pictured here to the left. On this day, numerous towns people came together to picnic in the park, enjoy the entertainment in the gazebo and wait for the waterfront fireworks that night. Amongst the many picnickers were a few members of a local church discussing some community needs. Out of this small group of friends across the subject of needing a local full-time tax office. At that time both Frank and Sylvia Barata were employed as tax specialists with the IRS and intrigued by the idea of fulfilling this need. Within a few weeks Sylvia chose to leave her ten year IRS career and take on the challenge while Frank kept a foothold at the IRS. With the financial support of Gene and Nancy Duplin, active ATS partners for the first two years, an office was secured in August and the Benicia phone number 745-1040 was captured.
Unlike many established tax practices, ATS had no clients. By way of advertising via mailers, articles, commercials, live radio call-in talk programs and many personal presentation, ATS began to grow. Many of the first comers are still with us today and we continue to strengthen our relationships. The confidence, trust and loyalty portrayed by ATS clients, old and new, is an affirmation that the idea conceived on July 4th 1985 was a true inspiration and reminder of our original purpose.
ATS has become a growing family serving clients coast to coast. Over the years, the clients have given us the name "Tax Angels". The "Tax Angels" continue to live up to this calling. They remain true and loyal to these clients by providing quality tax services.
The "Tax Angels" thank you for your confidence and trust, and value your referrals.
The 1913 Form 1040 was the First Income Tax Form. It was only four pages long and one of those pages was the instructions! The form was to be filled out by U.S. citizens making over $3,000 and all nonresident aliens.
1. To prevent tax theft - Yes, kind of like identity theft but instead it is tax theft. This new kind of thieve steals your identity and uses it to get your refund from the government before you do. That is if you wait until April 15 to get your taxes in. So go claim your tax refund before someone else does. If you don't it could take months to years to get your refund if someone does steal your tax money.
2. You will know what you will be getting back - Or paying... Yes sometimes you could unexpectedly owe the IRS money. This could happen if you received a gift, or won something. Also if you received money from somewhere else other than your current place of employment. If you encounter this you could be in for a surprise. When you gather all the information need, early you can have time to move money around into the right accounts or save the money up so you can pay the IRS.
3. Missing the Mark - When you file early you won't have it hanging over your in April. The other benefit is that you won't have to fight all the people at the post office trying to get their tax returns handed in.
4. Get your money faster - The IRS is not as busy in the early months, so they can process your return faster. This getting money into your hands sooner.
5. It's your money - Since it is your money you could be doing other things with it instead of it being tied up with the IRS. You could be using it for many different things such as, gaining you interest at the bank in a saving account or CD's. You could be using to add to a retirement fund, or saving it for a rainy day. You could also use it for a vacation or home remodel or pay towards a credit card. Whatever it is you use it for its yours, you may as well have it in hand.
6. If you need an accountant or tax preparer - Finding a tax preparer will be much easier to find early on in the year, but not so easy to find near the dead line. You will have time to talk to the tax preparer to see if you get along with them. And if you don't you will be able to replace the tax preparer at a drop of a hat and find a new one without worry.
7. If a mistake is made on the tax forms - You will have time to correct any mistakes that may have been placed on the tax forms. If you realize there is a mistake on the tax forms after you sent them in you will have plenty of time to fix them and resubmit them with out penalties. Penalties could result if you owe them money and you file the correct information after the dead line.
8. Have more time to figure it out - When you are not in a rush to do your taxes you are less likely to make a mistake and have it done correctly the first time. Also doing your taxes early will allow you to let the tax forms sit on the side lines for a few days. This allowing you to come back to them to check to see if they are done correctly. More time equals less mistakes.
9. Reduce your chance of being audited - When you get your taxes in early, its sending a subtle message that your not trying hide anything. It shows you are obeying the rules of the IRS.