Preparing For Tax Season
DENVER TAX ATTORNEY DISCUSSES HOW TO PREPARE FOR TAX SEASON
Tax season is almost here. Despite one of the roughest years in recent memory, millions of individual taxpayers are getting ready to file their income taxes with the IRS. Preparing beforehand can make the tax filing process easier to complete.
Depending on your income and other factors, you may even qualify for free tax filing services. Below, our Denver tax attorneys discuss how to prepare for tax season.
See If You Qualify for IRS Free File
No one likes to spend an unnecessary amount of money during a poor economy. If you are struggling financially, or just want to save money, then be sure to check out the IRS’ free filing options.
The IRS Free File Program is a partnership between the IRS and numerous tax filing software companies. These companies offer free filing options to eligible individuals. You can look at the IRS Free File webpage to learn more about eligibility requirements and the free filing options available for the 2020 Tax Year.
IRS Free File is not for everyone. There are taxpayers with complicated tax issues that should rely on the services of a tax professional. Mistakes made while filing taxes can haunt you for years. If you have more complicated tax and income matters, then we encourage you to contact us.
Additional Tips to Prepare for Tax Season
There are additional steps you can take to prepare for tax season.
- Check your filing status. Did your filing status change during 2020? If you married in 2020 or your status changed for another reason, then you need to determine how the change affects your 2020 income tax return.
- Review your 2019 returns. Take a close look at your 2019 returns. Did your income change during 2020? Did you run into any filing problems in 2019 that might also be a problem in 2020? Plan ahead to resolve those problems.
- Gather documentation for deductibles. Many people claim deductibles on their returns. If you plan to claim deductibles on your 2020 return, gather any receipts or paperwork, make digital copies and store those copies in a secure place. You need to submit proof of the deductions if the IRS audits your return. Having the documentation beforehand makes the process easier.
- Document charitable contributions. You can, in some cases, itemize deductions for charitable donations to eligible organizations. Like with other deductibles, you need to make sure you have extensive documentation of the donation. There could be additional requirements for claiming charitable contributions.
- Gather additional documentation. You need copies of the correct forms, such as a W-2 for wage-earners, before you can complete your taxes. Free tax filing software or tax preparers can help you determine which forms you need to complete your taxes.
- Review new tax rules. Consider reviewing changes to tax laws or work with a professional who can help you determine how the changes affect your taxes.
Contact Our Denver Tax Attorneys for More Information
Do you have questions about preparing taxes for yourself or your business? Contact the tax professionals at Wiegand Attorneys & Counselors, LLC. You can contact us by dialing (303) 747-6791 or by using the contact form on our site.