Tips when filing your taxes
It’s only January but soon enough April will be here and that means taxes will be due. And it’s always important to keep in mind some important information when it comes to filing.
47 ABC spoke with Thomas Hudson, a certified CPA for Twilley, Rommel & Stephens and he says, “It’s going to be important to wait for all your documents to arrive in the mail, gather them, secure them, make copies of them and then in general you should think about how you’re going to prepare your taxes this year.”
Hudson says there are many different ways you can file this tax season including a tax specialist or an online source like Turbo Tax. As far as a better way to file? Hudson says there really isn’t one, it all depends on your situation.
Hudson tells 47 ABC, “If you have complex situation like a lot of investments a lot of dividends maybe a taxable account that you have to think about then it would probably be advisable to go and see an expert.”
But if you’re just the average person Hudson says, “It would be advisable that you go with something like tax act or turbo tax because they’re quite simple scenarios and those soft wares are good for very simple returns.”
So when filing a return, is it true that the earlier you get it done the better? Again, Hudson says it depends on your situation. For example, if you are only filing W-2 forms, he advises you do it as soon as possible. But if you are a small business owner, Hudson says the best thing to do would be to visit a tax specialist to make sure everything that needs to be filed will be filed. Another tip?
Hudson tells 47 ABC, “You’re going to have to think about any major changes in your status, did you get married this year, did you have a child? Things like those.”
Hudson says when you get married, you are put in a different filing status, which could save you money. Same goes if you had a child in 2015. But Hudson says which ever way you decide to go, just make sure everything is done in time for the 18th of April!
Hudson also spoke about extensions, which are granted when someone has a complicated situation with their taxes. The extension allows breathing time to get the problem squared away. But some people may be under the misconception that because the tax payer has that extension, they don’t have to pay any money until the filing. But that is not true, your money is actually due throughout the year.
