Categories
Business Owners Policy Insurance

The Foremost Choice

Categories
News Personal

Tax Filing Checklist

Tax season is around the corner! To save time and money, and alleviate stress caused by this time of year, refer to this checklist of five items to keep in mind while filing your taxes.

1) Confirm The Basics

Making mistakes on basic information while working on tax documents can happen to anyone. Be sure that everything, including your name and the names of your dependents, is spelled correctly. Also, check that all social security numbers are accurate.

2) Report Your Income Correctly

Take your time and make sure that all wages, dividends, bank interest, and other income you received are accurate. Additionally, remember that unemployment benefits must be reported because they are taxable income.

3) Enter The Right Bank Account Number

Choosing the direct deposit option will most likely result in receiving your refund faster. In addition, providing the correct account and routing numbers will help alleviate any holdups with the IRS.  

4) Review Your Return

Avoid spelling errors, misplaced punctuation, or entering the wrong numbers by rereading everything before you send in your return. For example, unintentionally entering $3,500 as your IRA contribution rather than the $5,300 you actually contributed can result in less money for your deduction.

5) File Electronically

While your method for filing taxes is ultimately your decision, filing electronically decreases the potential for making errors. Choosing this method will also help expedite receiving your possible refund. 

Extra tip: Make a copy of your signed return and proof of filing for your records