With most people, under most circumstances, preparing tax returns is an easy task, especially when you have a professional tax preparer. However, there do exist instances or events that can make the process more complicated. If you are seeking out tax preparation services in Yonkers NY, here are some things you should keep an eye out for that can make your tax return process more arduous.
#1. Changing tax law
While being an expert in tax law isn’t required to stay on top of things, it helps considerably. Tax law changes every few years, usually with a new presidential administration. These tax law changes can throw a serious monkey wrench into how you normally pay your taxes. Whether it be the amount you have to pay, the process of the payment, or where you got to pay it. When a new tax law is introduced, nothing is sacred, and everything can be altered, so when a new one is on the horizon, keep an eye on the new laws, and plan accordingly when they hit.
#2. The need for a file extension
Sometimes things just don’t go as planned, and you are unable to get all of the necessary documents together. When this happens, you’ll be glad to know you have a way out. This is known as a file extension, a way to extend the due date for your tax returns until October 15th. This is not without consequence however, as it may slightly increase the cost due. And there is no way to extend a second time.
#3. Incorrect or missing social security number
Your tax returns can be deemed invalid for something as simple as incorrectly putting down your social security number, or just not putting it down at all. Social security numbers are incredibly important, and without it, any federal paper you try to send can be deemed invalid. As such, you should always make sure that your social security number is written on the correct papers, and that it is written correctly.
#4. Bad math
Nowadays, this is not as big a problem. Tax returns are filed electronically, which handles the math automatically. However, anyone who likes to do it themselves has this as a major hurtle. Even one number off in your math can invalidate the entire thing. The math of a tax return form is like a house of cards, one wrong move and the entire thing comes tumbling down. So if you don’t file your tax returns electronically, make sure your math all adds up.
Accutax Business Center is a leading provider of tax preparation services in Yonkers, NY. Contact them today for a consultation.
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