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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.
Image source: npr.org
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.
Image source: cbc.ca
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