Yes, tax season is here. Stop avoiding it. Start thinking about it. For many of us, we overestimate our taxes and give the government a free loan, but we like the fact that we get money back that we forgot about. So, if you want to get your refund as quickly as possible, follow these five steps.
Get up, and get started.
Procrastination is an epidemic during tax season. So many people put it off until April and they panic, whine, complain, and have a horrible time getting them done. But, the solution is simple. Start preparing NOW, and file them as quickly as possible.
Accumulate the Data
January is the data accumulation month. By federal law, employers and financial institutions should have all tax forms sent to you by January 31st. Make sure everyone has your correct address, especially if you moved during the year. Sift through your mail carefully. You’ll be receiving important W-2′s, 1099′s, and 1098′s from employers, banks, universities, and other financial institutions such as your mortgage company.
Take advantage of e-File
Over 73 million Americans are taking advantage of filing their taxes onlne. It’s free for Americans who make less than $54,000 in adjusted gross income, and most companies that allow you to e-file are boasting a turnaround time of 8 to 10 days to receive your refund.
Carefully Analyze the Numbers
Just make sure the numbers are right before you make them permanent on your return. Errors can cause a big problem and delay your return.
Make an Appointment with Your CPA ASAP
If your taxes are too complicated to do yourself, make sure you call your CPA today to schedule an appointment. Their weeks fill up quickly, and you want to meet with him or her as quickly as possible once you have all of the required documents and information.