Tax preparation tips to help you file your taxes smoothly

Tested preparation tips for filing your taxes

Here are some of the best tax preparation tips to help you sort out and file your taxes this year.

Deciding on a tax preparer

Asking your friends and advisers (such as a lawyer you know) for recommendations is an excellent way to discover a tax preparer if you don’t already have one. But even with a recommendation, you must perform an interview to select the ideal candidate. And we will start you off with some tax associate interview questions.

Tax associate interview preparation tips

Verify with your potential tax preparer that they own a preparer tax identification number (PTIN) showing they’re approved to prepare federal individual tax returns. 

An ideal candidate should have a sound understanding of finances and significant previous experience preparing taxes. Candidates with poor time management and interpersonal skills shouldn’t be considered.

Tax associate interview preparation tips

Verify with your potential tax preparer that they own a preparer tax identification number (PTIN) showing they’re approved to prepare federal individual tax returns. 

An ideal candidate should have a sound understanding of finances and significant previous experience preparing taxes. Candidates with poor time management and interpersonal skills shouldn’t be considered.

1. Can you explain the procedure you follow when onboarding a new client?

Displays the candidate’s experience and expertise when assessing the client’s tax needs.

2. What methods do you employ to reduce taxes?

Demonstrates how the applicant works to reduce the tax burden of their clients.

3. Could you list a few of your completed tax research projects?

This question demonstrates prior job experiences and training.

4. Have you ever dealt with an upset customer?

This inquiry can help point out positive customer service skills.

5. What accounting software have you used to perform tax services?

Here, the candidate can show proficiency with the relevant tax preparation software.

Essential tax preparation tips

When you hire your tax preparer in Las Vegas, they may seek information from you or ask you to complete a questionnaire. Preparation will help you get through the process quickly and easily. Even if you do your taxes, the steps below will help you get organized.

By the end of January, gather all the tax forms you’ll most likely receive in your annual tax records. These records highlight your income and deductible expenditures. Make sure you have everything organized before turning in your report.

• Make a folder for every expense category and list your expenditures by category.
• You don’t need to keep track of the receipts if you use the regular deduction.
• Find copies of last year’s tax returns for comparison.
• You can get all the tax forms you need for your tax return from your tax accountant, tax software, or the IRS.
• Effective tax reporting requires details about who files the form and is covered by the tax return.
  

Whether you prepare your own taxes or engage a professional to do it for you, organizing your records beforehand will reduce your workload and save you money in the case of a hired preparer. Moreover, the earlier you begin, the more quickly it should go, and the sooner you’ll be able to move past the procedure for another year.

When do we need to file our tax returns?

For expatriates navigating tax obligations, understanding nuanced options such as the SFOP application process can markedly ease the stress of filial compliance, especially if you’ve fallen behind on submissions due to foreign residency. It’s crucial to seek detailed guidance on eligibility and methodical steps to follow, ensuring compliance without incurring penalties.

Your federal individual income tax return is typically due on April 15 of each year if you file according to the calendar year, and your tax year ends on December 31. You must file your return by the fifteenth day of the fourth month after the conclusion of your fiscal year – if you utilize a fiscal year (an accounting period that ends in a month other than December). The due date is postponed to the following business day if your deadline falls on a Saturday, Sunday, or legal holiday.

If you failed to file your federal tax return by the due date, ideally, you filed Form 4868 or made an electronic tax payment to obtain an automatic six-month tax extension to October 17, 2022. However, you had to take action by the original return tax day of 2022, which in most instances has been April 18. 

Keep in mind that an extension doesn’t automatically extend your tax deadline. In addition, when asked about a late tax payment, you may have to pay interest, late fees, and financial penalties.

How much does it cost to prepare taxes?

According to a survey by the National Society of Accountants, the average cost of preparing taxation forms using Form 1040 for 2020 was $220 when the standard deduction was claimed and $323 when itemizations were claimed.

Track your taxes online

You do not need to worry about what happens after filing your tax return. You can register for an IRS online account to check your progress and refund. Once your account is created, you will be able to log in and get information about your taxes, as well as your balance and any payments you owe. You can also enter a request to get notifications about changes to the status of your account (such as when the return has been processed).