It seems like every individual that has to file their taxes runs into a different or unique problem that is only applicable to their situation. Yet every year people are making easy mistakes that can be avoided which can go a long way in setting themselves up for filing taxes in the future. In order to avoid these tax problems, Spring Hill residents should try speaking with a tax professional so that they have all of their taxes and information in order, but not everyone has a trusted CPA that they go to during the tax season.
Keeping a Copy of Your Tax Return
One of the easiest actions that can solve some people’s tax problems is if they would simply save a copy of their tax return. There are many great reasons why an individual should save a copy of their tax return, especially if there is ever an instance where they run into future tax problems. Spring Hill residents should know that having a copy of a previous tax return is extremely important if there is ever an instance where someone needs to amend a mistake. Older tax returns also help tax professionals, lawyers, and the IRS deal with issues related tax fraud investigations and other tax issues.
Filing the Wrong Status on Their Taxes
Tax status is one of the most important pieces of information that is needed to calculate the amount people owe or should be reimbursed. It helps determine related pieces of information such as the tax rates and deduction rates for both individuals and groups that file. For example, married couples who choose to file jointly are entitled to double the standard deduction of those who are filing their taxes by themselves, and couples who file separately are subject to different deductions than those who file jointly. In order to avoid wrong status tax problems, Spring Hill residents should determine their tax bracket before they file their taxes so that all the information is correct.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*