The IRS estimates that more than 60 percent of all taxpayers will receive a tax refund this year. That’s great news, but it also means that more than 40 percent of taxpayers will have to write a check to the IRS. If you’re one of them, now is the time to start planning for tax season.
The good news is that there are steps you can take to reduce the amount you owe—or even get a refund. Our team at Law Offices of Darrin T. Mish, P.A. explains what you need to do to set yourself up for success this tax season.
Gather Your Tax Documents
It’s important to have all relevant documents, including W-2 forms, 1099s, and IRS letters before you start filing. Collecting these early will ensure you have everything you need when it comes time to file your taxes.
Check Your Withholdings
Reviewing your withholdings will let you know if you’re withholding too much or not enough from each paycheck. This will give you time to adjust your withholdings before the IRS starts assessing penalties for underpayment or refund delay.
Review Your Deductions & Credits
Deductions and credits can reduce the amount of tax you owe. If you’re eligible for deductions or credits, take advantage of them.
File Your Taxes on Time
IRS penalties can be costly, so it’s important to file your taxes on time. The IRS typically starts accepting tax returns in January, and the deadline is April 15th (or the next business day if April 15th falls on a weekend).
Pay Any Taxes You Owe
If you owe money to the IRS, paying your tax bill on time is important. IRS penalties for late payments or failure to file can be expensive and difficult to remove.
Setting yourself up for success during tax season takes time and effort, but it’s worth it in the end. Following these steps can help you save money and avoid IRS penalties. And, if necessary, seek help if you have IRS debt or are facing IRS penalties.
Get Help From a Tax Debt Relief Attorney
If you’re unable to pay your IRS bill or are facing IRS tax debt, it’s essential to get help. A tax debt relief lawyer can help you negotiate with the IRS and find a solution that works for your financial situation. Don’t wait until it’s too late – reach out for help if needed.
Get in touch with our team today at (813) 295-7648 to schedule a consultation!