Top Tips for Filing Taxes

January 23, 2018

tax season

Tax season is underway, so it's important to know how to properly file your taxes and get the most out of your return. We asked our friends at the Farm Bureau Tax Service to share some of their top pieces of advice for tax season prep.

1. BE PREPARED. The best way to do this is having a checklist of required documentation. This would include W-2's, 1099’s, Social Security statements, etc. Looking at your return from the previous year is a good way to notice if something is missing.

2. MAKE AN APPOINTMENT. Many tax returns are filed around the same time of year, each and every year. Making an appointment early will guarantee that your time slot is available with your tax preparer, create a deadline for you to work towards, and put your mind at ease that the process is underway.

3. UNDERSTAND THE PROCESS. Your tax preparer works for you. However, there is an ever-increasing amount of due diligence requirements that must be adhered to by tax professionals.  The questions they ask and the documentation requested is to meet these standards and to insure that you receive a properly prepared tax return.

4. ACCEPT THE CHANGES. Tax law is constantly changing. Refusing to comply with these changes will not work out in your favor. One such change in the works for 2018 is the requirement to provide valid driver’s license information on the tax return. Many states require it already and most tax software companies are moving in that direction in anticipation of the IRS doing the same. 

5. START ON NEXT YEAR. If you encounter difficulties while pulling your information together, resolve to do it differently next round. You’ll thank yourself next year for being so well prepared.

Posted in Advice