Factors to Remember When Filing Income Tax Returns

Factors to Remember When Filing Income Tax Returns

With tax filing season beginning on January 24, the IRS has reminded taxpayers about several factors to keep in mind when filing income tax returns this year. Due to the circumstances surrounding the pandemic and other unique challenges taxpayers face this tax season, we at KF Tax & Accounting, P.C. have prepared a checklist to help expedite tax return processing and prevent delays:

  • Prepare Necessary Documents
    Before filing a tax return, be sure to prepare all the necessary documents first. In addition to W-2s and Form 1099s, taxpayers should collect income-related statements like their Child Tax Credit and Economic Impact Payment information.
  • File Accurate Returns
    Taxpayers can file an accurate return through e-filing and choosing direct deposit. E-filing utilizes software to prevent mistakes and guide taxpayers through various sections using a question-and-answer format. Tax accounting firms in Texas can also be employed to ensure accuracy.
  • Utilize Online Resources
    For inquiries, check online resources before calling the IRS. Phone demand on IRS assistance lines continues to be in high demand. To avoid delays, make sure to check out their online tools and resources that are available 24/7. There is also the option of using tax services in Round Rock, Texas. Additionally, the IRS offers a Free File option for persons or families with an income of $73,000 or less in 2021.
  • Valid and Submit Through E-Filing

    For taxpayers who are still waiting on their 2020 tax return, they can utilize e-filing for their 2021 tax return. To successfully submit an e-file, taxpayers can enter zero dollars ($0) for last year’s Adjusted Gross Income on the 2021 tax return.

Need help with filing your income tax? Utilize our accounting and bookkeeping services for accuracy and efficiency. Reach out to us to get started!

This entry was posted in Income Tax Returns and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *