Whether you own a business or work for a corporation, you should always remain prepared for the upcoming tax season. Here are five things to remember for the 2015 tax season.
You can file your taxes on January 20, 2015
Each year, thousands of people find themselves scrambling to meet the April 15 tax deadline. If you do not expect to meet this very important deadline, it is a good idea to contact the IRS. If requested, the IRS will typically grant you an extension of time to file your taxes. However, you may be required to pay an extra fee.
You are now required to have health insurance
Due to the arrival of the Affordable Care Act, everyone is now required to have health insurance. If you do not have any insurance, the IRS may withhold some of your return. In the event that you are without health coverage, be sure to discuss this issue with a Miami tax preparer.
File your taxes as early as possible
While a lot of people wait until the last minute to file their taxes, the best approach is to file early. Due to the fact that some business owners may owe money to the IRS, filing early will give them ample time to make the payments. Filing your tax return early also gives accounting services in Miami enough time to seek all of the available deductions.
Gather your receipts
Before filing your taxes, take the time to gather all of your receipts from last year. This will certainly help you to get the most deductions. In fact, all your important financial documents should be scanned prior to filing your taxes.
Be careful when attempting to prepare your own taxes
Preparing taxes can be a very tedious and time-consuming process. Furthermore, a few small mistakes could jeopardize your tax return. If you want to avoid the hassle of dealing with a lot of tax forms, hire a professional to do the job.
While very few people like the idea of paying taxes, it is something that every citizen must do. With the 2015 tax season finally here, now is the time to file your taxes.