Smooth Sailing: Tips for Easier Navigation Through Tax Season

The IRS generally begins accepting the previous year’s individual tax returns in late January. Here are quick tips you can use to help speed tax processing and avoid hassles.

For starters, contact us soon for your tax preparation appointment. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, and statements of interest paid or received. Failure to provide all of this information means a return is incomplete, which may then require additional processing and delay any refund that’s due.

Be accurate. Ensure that every name on your tax return is spelled correctly, and that each Social Security number on the return matches the number on the Social Security card. If you supply a bank account number, double check it.

Possible penalties

What if you file late or can’t pay your tax bill? Separate penalties apply for failing to pay and failing to file. Both are based on a percentage of the unpaid or late taxes. You can avoid late filing by obtaining an extension of the time to file (until October 16 this year). However, you must still pay any taxes due by the regular deadline or face possible penalties.

These penalties can be quite severe, but if the lateness occurs for a “reasonable cause,” such as illness, the IRS may excuse it.

HoganTaylor Tax Thought Leadership

HoganTaylor Tax Thought Leadership is designed to help you keep up with the latest tax and financial issues that can affect your organization. If you have any questions about the content of this publication, or if you would like more information about HoganTaylor's Tax services, please contact one of our experts.

INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.