Several taxpayers file their tax returns in a rush to exceed the March deadline and will not take much of their time to check the return form before submitting it. This last-minute rush can simply lead to mistakes, certain of which can cost you money. An underestimated revenue error and, by extension, taxes, for instance, can cost you interest and disadvantages once discovered later. So, be sure to thoroughly review the statement before submitting it.
But if you are pressed for time and numerous taxpayers do so, the following checklist may help you have a quick last minute review of your returns:
Confirm the Amounts and File Documentation
The main step you must take is to contradict the amounts involved in Form 1040 with the amounts indicated in W-2, 1099s and other supporting documentation. Also, this is an appropriate time to present supporting documentation for your tax return. When you have verified the amounts, add the sums to make sure you have not prepared a mathematical error.
Compare with Previous Return
Then, compare your present tax return form and the form you filed in the prior year. This will assist you to confirm that you have claimed all tax deductions owed and that you have accounted for changes related to taxes that occurred within the year. Learn more.
When your tax returns are being made by a tax preparer, the revision of the numbers and the comparison with the returns of the previous year will allow you to consult any change that you cannot appreciate on your tax return form.
Verify Personal Information
When you agree with the content of the return, you can confirm and continue the indicated personal information. Make sure you have indicated the right Social Security numbers for you, your spouse if you file a joint return and your kids if they claim a tax relief for minors. If the names have altered like in the case of divorce or marriage, make sure you have updated your new name with the Social Security Administration and have received a new Social Security card before updating your tax return forms.
Be sure to sign properly and, if it is a joint return, make sure your spouse signs correctly. If your spouse died within the fiscal year that is being counted, you can indicate surviving spouse against your name and keep the other signer’s space blank. Make sure your tax preparer signs and indicates your PTIN number.
Be sure to attach all required documentation before submission. This includes “Copy B” of all Forms W-2 and 1099-R. For those who claim exact reliefs that need attachments like Adoption Credit, make sure you have attached the right documentation.
Take a Copy
Lastly, before submission, the tax return, be sure to bring a copy of Form 1040 and the attachments. File this copy in your tax file along with other supporting documentation. If you file electronically, print a copy of the form before filling it and after the submission, be sure to print the Acceptance notice from the IRS.
If you submit manually, be sure to send Form 1040 with the correct attachments. You can attach a check for the payment of taxes to Form 1040. The check must be sent to the US Treasury include your social security number on the check. Then you can continue and publish the mail using certified mail before the required deadline and keep the receipt of certified mail as evidence of having submitted.
If you do not file your tax return and that tax return has the tax due, the IRS will issue a fine against you. But if you have a very good reason for not being able to file your tax return, the IRS will forgive you. Visit: https://www.taxreturn247.com.au/get-started