How to file tax returns correctly
  • May 18, 2021
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A tax return is the bunch of forms that you file with the Internal Revenue Services or IRS to report your income, expenses and other relevant information related to tax. It allows you to schedule your tax payment, calculate your liabilities and request a refund if you made an overpayment. Tax returns need to be prepared scrupulously as any mistake when filing unfiled tax returns can lead to hefty fines and even prison time in some cases. In this blog post, we will discuss 5 key tips that will help you file your tax returns correctly. Read on.

1. File for an Extension

For the 2020 tax year, the IRS has extended the deadline from April 15, 2021 to May 17, 2021. But this extension is not available to all taxpayers. If you are self-employed, a small business owner or are, in any way, liable to pay estimated taxes quarterly, you still have to pay your taxes and file a return by April 15, 2021. You may file for a time extension to file your taxes but if you already owe the IRS, there is no extension for that. If you fail to pay your taxes by the due date or pay less than what is due, you will have to pay interest on the balance and may face a hefty penalty.

Related Blog: Wondering How to Get Assistance Regarding a Tax Lien? Read This Now

2. Be Extra Careful While Documenting Charitable Contributions

Always be careful when documenting any charitable contributions in your returns. If you have made a contribution of $250 or more and want to claim it as an itemized deduction, make sure you have a written acknowledgement from the charitable organization. The IRS is very strict about false charitable contribution claims.

3. Don’t forget to Consider Disaster Loss

If you live in a federally declared disaster area, any loss you suffer can be claimed as an itemized deduction. But once you claim it, you cannot claim another loss because of theft or any other disaster. The loss you claim in your return must be related to your home, vehicle or household items. Additionally, if you received any payment from the insurer, it will be subtracted from the deduction you wish to claim.

Related Blog: Answering 5 FAQs about IRS Tax Installment Agreement

4. Hire a Professional Tax Attorney

If you are in doubt about the accuracy of your return, it is recommended that you hire a professional attorney who can help you with your tax return preparation and filing. A professional will have the relevant experience and knowledge of tax calculation and return preparation that will minimize the risk of making any wrong entries.

Wrap Up

When filing your tax returns, make sure to double-check all information. Even a slight mistake in the return can invite avoidable audits and penalties. When in doubt, it is recommended that you hire a tax attorney who can help you with your tax return filing. If you are looking for tax attorneys in Dallas, Texas and nearby areas, look no further. The team of attorneys at the Law Office of Nick Nemeth has extensive experience in handling unfiled tax returns and other IRS tax problems to help clients get favorable outcomes. To speak to one of our attorneys, call (972) 426-2553 or fill out our contact form, and we will take it from there.

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What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
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Eddie WaltEddie Walt
19:44 12 Jul 22
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