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CPA · Tax · Advisory
When a tax return is required, filing it is not optional. If someone does not file their tax information each year, it can have negative consequences. Knowing that a return is required does not necessarily make tax planning easy. Trinity residents who feel overwhelmed by filing their taxes or do not know where to start should consider talking to a tax professional or a CPA. They will be able to walk you through every step of the way and answer all of your questions, and here are some of the best pieces of advice that they can offer to their clients while filing each year.
One of the biggest mistakes that an individual can make is not double checking that all of their personal information is correct or up-to-date when performing tax planning. Trinity residents should know that this type of information includes their name, the address of their current residence, their social security number is correct, and also the bank account information they use if they choose to get a direct deposit. The correct address and bank account information is important for someone in order to get their refund back if they deserve one. The correct name and Social Security number are important in order for the IRS to determine who is paying back their taxes and at what amount they are paying them back. Both of these pieces of information are crucial for individuals to have.
Bring records of relevant expenses as well as income when meeting with your tax preparer. Qualified education expenses may support an education credit, but paying college costs does not automatically establish eligibility. The student, institution, expenses, income limits, and other requirements must be considered.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*
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