Developed with both seasoned and new tax filers in mind, the new guide from Trustway Accounting provides a detailed list of the various requirements for filing federal income tax, including the different forms one needs to complete and practical tips for maximizing tax credits and deductions.
More details can be found at https://trustwayaccounting.com/blog/b/tax-prep-checklist-filing-tips
As of March 28-29, 48% of Americans have yet to file their taxes, a recent survey from Trustpilot found. According to the report, 13% of respondents are not confident in their ability to file their taxes accurately, while 8% don’t know where to find the right resources – making Trustway Accounting’s latest release timely and relevant.
The expert explains that the first step in the tax preparation process is to gather all the necessary documents. The paperwork may include the individual’s income statements (for completing W-2, 1099, or SSA-1099 forms) and deduction documentation (if itemizing), and for business tax filers, their corporate bank statements, business expense receipts, and depreciation schedules.
Emphasizing the importance of choosing an appropriate filing method, the guide highlights the three main approaches to filing returns: online tax preparation software, manual filing, or professional tax services. Readers will also find helpful pre-filing tips, like how to effectively estimate their tax liabilities, to prevent any surprises.
The guide goes on to discuss the various ways one can lower their tax obligations using tools like tax deductions and credits. While deductions reduce taxable income, tax credits are used to lower the amount one owes, the expert explains. Deductibles can range from health and dental expenses to mortgage interests and donations; conversely, tax credits may include child tax credits, earned income tax credits, and more.
“Preparing for tax season doesn’t have to be daunting,” says a company spokesperson. “By gathering the forms needed to file taxes, following the tax prep checklist, and learning about tax deductions and credits, you can navigate the process of tax preparation with confidence.”
Trustway Accounting offers a variety of accounting and tax solutions, including payroll and cash flow management, invoicing, and reporting, as well as tax preparation and filing, enabling businesses and individuals to stay on top of their finances.
Additional information is available at https://trustwayaccounting.com/blog/b/tax-prep-checklist-filing-tips
