Quick Tips for Filing Your Taxes This Season

Quick Tips for Filing Your Taxes This Season Cornerstone Wealth Management

Tax season is fast approaching, so you may find yourself with some important tax questions. This article will cover some of the pitfalls of this process to make sure that you get the most out of your taxes this year.

  1. Don’t file too early! You may be eager to file your taxes to get your return as soon as possible, but filing before you have all your documents can actually cause delays in getting your return. It’s best to be patient and ensure that you have all the documents that you need for submitting your taxes.[1]
  2. Gather up all the documents you’ll need beforehand. You’ll need to know your own social security number, the social security number of your dependents, and receipts if you are planning on itemizing your deductions. You also may need some of the following documents[2]:
    1. A W-2 if you are still working.
    2. A 1099 for other income (such as dividends or interest).
    3. A 1098 to report mortgage interest you paid.
    4. A W-2G if you have any gambling winnings to report.
  3. Make sure your social security number is accurate on your forms. Your social security number is very important when the IRS is identifying you and your records, so you should double- or triple-check that that information is accurate on your paperwork.[3]
  4. Similarly, make sure that your name is spelled correctly and matches the social security number that you provided exactly. The name on your social security card is the exact name that you should be using when filing–the IRS uses that name and your social security number to find your records.[4]
  5. Make sure that the numbers you are entering are accurate. It can be easy to mistype or miswrite numbers when you are dealing with so much information. And tax software can make it feel easy and seamless to enter all the info, but make sure that you don’t put in the wrong numbers![5]
  6. Take a break! It can be important to step away from your tax documents every now and then so that you don’t burn yourself out. It can be much harder to see errors if you’ve been staring at something for a while. So… step away, take a break, do something you like, and then take another look and ensure that your info is accurate.
  7. Make sure you sign your documents! This may seem obvious, but a tax form is not valid without a signature, and it can be easy to forget.[6]

As you can see, accuracy is the most important thing when it comes to tax documents. If you are serious about improving not only how you handle your taxes, but also how you handle your finances in general, reach out to us for a complimentary review of your finances.

 

[1, 3-6] https://www.irs.gov/newsroom/common-tax-return-mistakes-that-can-cost-taxpayers
[2] https://www.investopedia.com/articles/pf/07/tax_prep.asp


The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation. This content was created by Lone Beacon.

Registered Representatives offer securities through Independent Financial Group, LLC (IFG), Member FINRA/SIPC. Investment Advisor Representatives offer Advisory services through Independent Financial Group, LLC (IFG), a Registered Investment Adviser. Cornerstone Wealth Management, Cornerstone Tax Advisory and IFG are unaffiliated entities.

The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. No investment strategy can guarantee a profit or protect against loss.

Diversification does not guarantee profit nor is it guaranteed to protect assets. Investors should consider the investment objectives, risks, charges and expenses of an exchange traded fund carefully before investing. The prospectus contains this and other information and should be read carefully before investing. The prospectus is available from your investment professional.

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