02/22/2024
Tips For Conquering Tax Season
Tax season is underway, so it's time to get organized! From gathering the information needed to understand the process, there are steps you can take to put yourself in the best possible position. We’ve laid out some of our go-to tips to help make this tax season a breeze!
Familiarize yourself with credits and deductions. Tax credits and deductions are ever-changing. For example, do you drive an electric vehicle? You might be eligible for tax credits up to $7,500 for qualifying electric and plug-in hybrid vehicles. Another common tax credit is charitable contributions. Beginning in 2023, you’ll have to itemize your deductions if you want to claim a deduction for charitable giving. Be sure to familiarize yourself with all the rules so that you can do everything to possibly increase your refund.
REMEMBER to include your gig work as income. Do you do any gig work, such as driving for a delivery app, freelancing on the side, or dog walking in your neighborhood? These jobs fall under the gig economy and must be reported as income. Some car or home office expenses may be deductible if you're self-employed. Before you get too into the details, set aside time to research business taxes and how they work.
Prioritize accuracy by blocking off part of your day. When completing your taxes, it’s important to plan ahead and set aside adequate time to avoid mistakes. Inaccuracies in your return can lead to an IRS audit or even fines associated with your tax return. Before you officially file, double-check your return for accuracy against what the IRS has on file for you.
Work with a trusted tax professional - like Ziemba Tax Service. If you prefer to leave your filing in the hands of an expert, consider working with an experienced tax professional who can guide you through the process. Not only that, but if time is difficult to find with the craziness around you it can be an easy solution to free up your schedule.
Filing taxes can be a breeze. Turn to Ziemba Tax Service for the best savings available on all things taxes. You’ll have one less thing on your to-do list!
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