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Tax season is here again. Are you prepared?

On Behalf of | Jan 16, 2020 | Uncategorized |

Tax season is here once again, and you and many other North Carolina residents likely have mixed feelings about getting this aspect of your financial affairs in order. You may not look forward to the process of actually filing your taxes, but you may feel a bit more amenable to potentially receiving a refund.

Of course, before you start spending that refund, you need to make sure that you will actually get one, and if an issue with your tax papers comes about, you may end up facing numerous problems that leave you feeling stressed. As a result, you may want to prepare for getting your tax-related affairs in order before you file.

Help yourself get ready

You can set yourself up for a more favorable tax season by going over your paychecks, tax forms provided by your employer and information needed for your tax returns. By having everything organized, you may feel better prepared to confidently complete your tax forms. You may also want to go over any last-minute deductions of which you could take advantage. For example, if you have a retirement account, you can max out your contributions and reap some tax-related benefits, such as reducing your taxable income.

It is also important to avoid tax scams and fraud attempts. Someone may contact you to offer tax preparation services and promise a large refund, but be wary. Some self-proclaimed preparers are actually scam artists. Additionally, many people attempt to defraud individuals this time of year by pretending to work for the IRS. The IRS will not attempt to contact you by phone, so any caller claiming to work for the agency is trying to scam you.

Have the right outside help

Preparing taxes is not an easy endeavor, and even preparers who work for tax preparation companies do not have extensive knowledge of all tax laws and procedures. As a result, you may want to find the right tax help for your situation, especially if you face complications like having gone through a divorce, started your company or filed for bankruptcy within the last year.

Fortunately, a tax attorney knows the ins and outs of state and federal tax law and can help you properly prepare your tax return. Additionally, this professional can assist you with any issues that may arise with your tax matters.