JK Harris and Company, Creating Lifetime Clients

Teresa Thomas – Enrolled Agent

The holiday season is probably on everybody’s mind right now. However, there is another season just around the corner that you can begin preparing for – tax season.

Once the New Year hits, you will be receiving all sorts of statements and documents you will need to file your tax return. Once you begin receiving this important information, whether it is a W-2, 1099, mortgage interest statement, or broker statement, put all of these documents in one designated place. That way, you know exactly where everything is, and you are less likely to misplace something.

And whatever you do, please don’t forget to save a copy of all tax-related documents for your records.

Next, make sure you have the right forms, and by all means, take your time and fill them out carefully. You can find all the necessary forms, with instructions, on www.irs.gov.

When you are finished filling out the forms, go back and double-check your math and Social Security Numbers, etc. The two most common errors found on tax returns are related to mistakes in math and wrong Social Security Numbers.

One system that can catch math errors is E-file from the IRS. E-file can find mathematical errors. Plus, it gives you confirmation that your return has been received by the IRS and gives you a faster refund. Not a bad system if you ask me.

You can also receive a faster refund by filing your tax return early and choosing direct deposit, which means not having to wait for a check to come in the mail.

Finally, don’t panic and don’t rush. Take your time, and if you run into problems or have a question, www.irs.gov is available 24 hours a day.

Start now and avoid the year-end tax season rush. You don’t want to be pressured because the deadline is approaching and make a costly mistake on your return.

And remember, if the stress and pressure of completing your own return is too much, you can always hire a tax professional to do it for you.

Teresa Thomas is an Enrolled Agent and has been with JK Harris since 1999. She also worked as a tax preparer for a major tax preparation company for 25 years.