Most people will agree that there are few things quite as scary as getting into trouble with the IRS. Many taxpayers get into trouble for committing simple and avoidable mistakes on their tax returns. With some care and the right knowledge, you can avoid making mistakes on your tax returns that can come back to haunt you in the future. In today’s post, we’ll share some useful guidelines to help you file your tax returns.
When Possible, File Electronically
To guarantee the highest level of accuracy on your return, it is recommended to file electronically. The system used for filing online can significantly reduce the number of mistakes committed in mailed returns. It can screen your tax return for errors and send it back as a rejection in the event any are found. You can then correct the return and file it again. Filing electronically helps eliminate mistakes and processing delays.
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Enclose Payment For Owed Tax
If you owe taxes and plan to mail your return, you must enclose a check or money order and Form 1040-V Payment Voucher. The payment must be made to the “United States Treasury” and include your name, address, taxpayer identification number, daytime telephone number, tax form, and the tax year for which the payment is being made. When filing electronically, you can pay with your bank account using the Electronic Funds Withdrawal option. The IRS recommends electronic direct payment over other payment methods.
Attach All Necessary Paperwork To Your Return
Several forms and schedules need to be attached to your tax return in order for it to be considered complete. You’ll need to attach a Form W-2 from each of your employers to your return. If you have several jobs, make sure to compile information from all the forms in a single return. For federal tax withholding, you’ll need to attach Form 1099-R. If you have any gambling earnings, you’ll need to report them by attaching form W-2G.
Additionally, for investments, you must attach Form 2439 for undistributed long-term capital gains.
Once you’ve gathered necessary forms, attach them in the right order by placing any schedules and forms behind your Form 1040/1040A in the order of the “Attachment Sequence No.” shown in the upper-right corner of the forms.
Make A Copy Of Your Return And Schedules
After you have completed your tax return, make a copy. Ideally, you should also make copies of all the paperwork used in preparing and filling out your return, including additional forms and interest statements. Safely store all of such documents with the rest of your personal records. Later on, you can use this information such as when you need to file for an amended return, apply for a loan, or provide proof of your income.
When looking for help with your unfiled taxes, contact Nick Nemeth’s office for experienced attorneys in Fort Worth, Texas. Our tax law experts advise hundreds of Fort Worth taxpayers, helping them resolve all types of IRS tax problems and prevent mistakes on their tax returns. For more information on our services or to schedule a consultation, call (972) 484-0829 or write to us here.