Filing taxes is not something that is optional or that can be avoided. If someone does not file their tax information each year, it can have negative consequences. Yet just because everyone is supposed to file their taxes each year does not mean that it is easy for someone to get a handle on their tax planning. 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.

Make Sure Your Personal Information on Tax Filings are Correct

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 is 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.

Consider Other Forms of Taxable Expenses

Another common problem that is prevalent in individuals who are preparing and filing taxes for themselves is that they only consider their income from their employer as money that is taxable and creditable. When performing tax planning, Trinity needs to consider other payments that they made this year. One of the more common ones that many individuals have to deal with is school expenditures. If someone goes to a community college or university and is paying out of pocket, they are eligible for a tax rebate. There are many other forms of expenses that are taxable, and this is something that should be discussed with a professional CPA.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*

Tax Planning Trinity