How To Prepare For Tax Season cPort Credit Union

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• She also warns against “shopping a refund” to find a preparer who promises to get you a bigger refund.
• The various 1099 forms that report other income you received, such as dividends (Form 1099-DIV), interest (Form 1099-INT), and nonemployee compensation paid to independent contractors (Form 1099-MISC).
• In general, the IRS website includes many helpful solutions and other tips for people beginning this process.

Aside from charitable giving, consumers can accelerate https://personal-accounting.org/ deductions, such as a property tax bill due early next year or a big medical bill. These can be beneficial when itemized using the “bunching” method.

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A tax professional can also provide you with income tax projections, including quarterly estimated payments, reducing the risk of unwanted surprises if your tax situation changes. However, often tax preparers are looking to get more business work, and their 1040 clients are a bridge to that career goal. Over time, they can get enough money and clients to transition to a more business-focused client list. The Volunteer Income Tax Assistance program aids taxpayers with low to moderate levels of income, disabilities, or limited English skills. The VITA program provides volunteers to help prepare basic tax returns for free, with some clinics even offering free electronic filing. To learn more about program requirements, visit the VITA program page. For more information, visit the IRS’s Free Tax Return Preparation for Qualifying Taxpayers’ page.

To learn about the application process, visit the Tax Counseling for the Elderlyprogram page. For more information, visit the IRS’s Tax Counseling for the Elderly page.

Decide Whether to File for an Extension

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For everything you’ll need to choose the right software and prepare your return, see Get ready to e-file your income tax return. For additional tools, seeFiling season resource center for additional filing information.

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