Landmark Ledger 4 Actions Taxpayers Can Take Before April
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Wintertime and the holidays are hectic for all of us — between getting
as much as you can with your return, as this will help reduce any penalties or interest you incur. Thankfully, the IRS has options for taxpayers who cannot pay their taxes in full, such as payment plans or a financial hardship determination.
family gifts and hosting all the holiday parties. However, one thing you need to keep track of is your finances, particularly your taxes, during this chaotic time. Over the years that we’ve been helping taxpayers across the country, our team has seen several different preventive measures clients take to avoid the IRS. If you feel you’ve fell behind on your taxes this year or something else is awry with your IRS account, here are some things you can do before the April tax deadline is upon you. You need to start gathering all tax-related documents as soon as possible. You should have W-2s, 1099s, K-1s, and any other tax documents sent to your tax preparer right away to start the preparation process and give them time to focus on your tax return. The sooner you send in all your tax-related documents, the sooner you will find out if you will owe the IRS. Don’t Procrastinate
File an Extension
Filing for an extension acts as a backup just in case something comes up and the return cannot be filed on time. With only one extension, you would be able to file as late as Oct. 15. It’s essential to keep in mind that the extension allows you to file later, not pay later, as taxes are still due by April 15.
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Get Professional Help
If you feel your tax situation is complicated or has changed in any way, don’t hesitate to contact a licensed tax preparer. Self-employed taxpayers, independent contractors, homeowners, and gig workers should consider utilizing a licensed tax preparer to ensure there are no filing errors or complications with the IRS. You will also have an opportunity to ask these professionals several questions in order to start planning for the year ahead. If you have any questions or concerns about your taxes or you need immediate help with a back tax issue, reach out anytime. You can call us at (949) 260-4770 or visit our website at LandmarkTaxGroup.com .
If your tax preparer looks over your documents and finds that you do owe the IRS, it’s essential to remain calm. Pay
“If you feel your tax situation is complicated or has changed in any way, don’t hesitate to contact a licensed tax preparer.”
–Michael Raanan, MBA, EA, Former IRS Agent
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