Taxpayers are legally required to filing taxes on time. They have to file their taxes and pay the government any taxes they owe by April 18 of the following year. If they don’t, the government can charge them with a penalty, and depending on the amount of tax they owe; they could be charged with a misdemeanor.
There are times when taxpayers can get a tax extension, like if they are serving in a combat zone or out of the country. In those cases, they have to file their taxes by the regular deadline and then have until two and a half months after leaving the combat zone or country to file.
If it is almost the deadline and your client has only asked you to taxed dues, you might find these tax filing tips helpful:
1. Take Note of the Deadline
Be mindful of the deadline. Remember that your submission should show the timestamp (if submitted online) or postmark (if submitted via mail) that your forms have reached the office before midnight of April 18, 2022.
2. Double-Check Deductions
Make sure you take every deduction that you can claim for your client. If they qualify, include all their dependents, including their spouse and children. Check with the IRS website to know if you have missed any.
3. Make Sure They Contribute to IRA
Make sure that your client has made their IRA contribution. Many IRA plans are available, but they must choose the right one. You can reduce your client’s tax bills if they contribute to a traditional IRA.
Meanwhile, contributions to Roth IRAs are not tax-deductible. Still, it will allow you to max out the annual IRS limits on retirement savings. It will give your client’s money more time to grow.
4. Claim Their Unemployment Benefits
If your client has been recently laid off or been out of work for a while, they can claim unemployment benefits as a tax deduction. If they do not make a claim, they will not be able to take advantage of this deduction in the future.
Your client is eligible to receive unemployment benefits if:
- They were laid off
- They were fired because of misconduct
- They quit their job because of a labor dispute
Note: They can get unemployment benefits for up to 26 weeks.
5. Gather All Important Documents
Ensure you have all your client’s relevant tax documents, as some forms are necessary to claim certain deductions.
6. Make Sure There Are No Errors
Revisit your prepared tax return to ensure there are no mistakes. Check if the numbers are correct and make sure the right tax forms have been filed. More importantly, make sure that your client has signed the documents.
7. Submit the Return
You should submit the return before the deadline. If you are mailing it, you should make sure you have done it before the post office or drop it into the mailbox on or before April 17. Make sure to use the correct address to avoid any delay.
Conclusion
If your client has not made their taxes and you are running out of time, you should make every effort to complete their taxes as soon as possible. Submitting tax returns on time is essential to avoid any penalties. Start looking for the best tax software if you are ready to complete their tax forms fast.
Keystone Tax Solutions is a leader in the professional tax software industry, offering 100% web-based tax software to help thousands of tax professionals in the US do their job. Our software gets you the best tax preparation tool and will surely give you more than you pay for. Contact us today to find out more.
