The year is ending, and tax season is just around the corner. In a matter of weeks, tax forms will begin to fill mailboxes throughout the country. In an effort to speed the process of getting refunds out to taxpayers, the Internal Revenue Service (IRS) is encouraging taxpayers to make use of the electronic filing system.
These tips can help to better ensure the filing moves forward without a hitch:
- Organize paperwork. Make sure that all paperwork is in order prior to filing returns. This includes forms from employers and financial institutions.
- File early. Although it is best to wait until all paperwork is accounted for, it is not wise to wait too long. Move forward with the filing as early as possible.
- Consider deductions. A recent publication in US News notes that those who can itemize deductions may realize a larger tax refund than if they had chosen to go with the standardized deduction.
- Invest in retirement. Contributions to IRAs are deductible through the filing deadline. That means you have until April to make contributions to your retirement and still claim the tax deduction for the 2017 tax year.
These steps can help to better ensure you make the most of your tax return for the 2017 taxable year. However, a failure to properly complete these filings can result in a dispute with the IRS. It is generally wise to seek legal counsel in the event that the agency contacts you about your filings. An attorney can review the correspondence and provide counsel on the best way to respond, mitigating the risk of additional, unnecessary fees or fines.