Karliner Tax Services: Crunching numbers: Prepping the paperwork for inco...

Karliner Tax Services: Crunching numbers: Prepping the paperwork for inco...: Image source: hopkinstax.com People are not always keen on doing their taxes, despite having a few advantages of preparing them in advance...

Crunching numbers: Prepping the paperwork for income taxes

Image source: hopkinstax.com

People are not always keen on doing their taxes, despite having a few advantages of preparing them in advance. Being able to file taxes on time has a few benefits, and not the least among them is avoiding additional payments for filing a report late. However, the process and its complications can be off-putting to most people, which cause them to procrastinate until the last minute.

This doesn’t always have to be the case. Taxpayers, both businesses and individuals, can seek help from companies, like Karliner Tax Services, and the volunteer services offered by the Internal Revenue Service to help them sort out their paperwork for their tax returns.


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Investopedia’s Glenn Curtis notes that taxpayers should gather a number of paperwork and other types of proof to help them prepare accurate income tax returns. These include 1099s and W-2 wage information forms, bank and brokerage statements, proof of IRA contribution, Social Security information of children and other dependents, business- and work-related receipts, mortgage receipts, receipts and other proof of charitable donations, and proof of purchases for energy efficient goods.

Tallying co-pays for medical expenses shouldered in part by the taxpayer’s company, which would otherwise not be tax-deductible, and having the previous year’s tax return on hand can also aid in preparing this year’s returns.


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This Facebook page has more links to articles on tax return preparation.

Coping with tax-time stress

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For most people, the stress that comes with the start of the tax season can be overwhelming that some put off preparing their tax returns until they can’t put it off anymore.

So how does one deal with the emotionally taxing exercise called filing taxes?

Financial experts note that the best thing to do is to have a mindset that taxes need to be filed, whether one looks forward to it or not. And in order to feel better about the whole process, it is best to have all financial records organized at the onset of the tax season. Experts recommend gathering all financial documents—receipts, forms, checks, and statements— and making two categories out of them: income and investments, and deductions.

Another way to relieve the stress that comes with preparing tax returns is to avoid doing so at the 11th hour. It is highly recommended to file returns early. It is also best to prepare returns while listening to music or whatever else makes one feel relaxed.

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Asking for help from a family member, a friend, or a tax accountant can ease the frustration out especially when one is preparing returns on his own. It can be as simple as asking someone to be around to help track down receipts or hiring a professional especially for people with severe math anxiety.

Financial experts believe that it is not really taxes that get people highly stressed. For some people, money is a major source of stress, and during tax time, money takes center stage. To take off some of the resentment towards money, financial counselors recommend re-evaluating one’s financial habits and embracing better money management strategies.

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Visit this Karliner Tax Services Facebook page for updates on the 2013 tax season.