5 Things You Need to Pay Attention to When Filing Your Taxes
#IRSFormSeason1099 #FilingTaxReturns
Tax season is upon us and I’m sure you guys are all sorted, with your forms filled in and ready to send off, right? Oh, so you’re a bit more like me – part of the ‘no need to rush’ crowd. It works well for me because that’s how I’ve always done it, and I’m used to it.
The first few times I had to file were different though – sometimes I made mistakes. That’s what happens when you end up having to rush through – your attention to detail drops.
Luckily for you guys, when it comes to filing a 1099, I’ve already made the mistakes for you.
I know the most common ones, and the areas you need to pay close attention to when filing. Most mistakes are pretty harmless and unintentional, but they can cause big problems if you don’t catch them. Today I’m going to show you the areas to keep an eye on.
1. Maths
There’s a lot of numbers involved in sorting out your tax return, and getting just a single one wrong can mess the whole thing up. You can have all the numbers right as well, but still mess up the sums, giving the wrong amounts for your tax payments.
This might mean you pay less taxes than you should, but it could also mean you pay more – and the IRS isn’t going to be happy either way because they don’t like mistakes or bad maths.
Double check all of your figures before you do the maths part, and double check your sums when you finish as well. It’s a good idea (if you’ve got time) to check the numbers and sums again the next day.
Use a calculator to be totally accurate – if you made a mistake already, checking the sums mentally probably won’t catch the mistake.
2. Select the Right Status
There are five filing status options for you to choose from when it comes to a 1099 form. Each status can affect the taxes you pay, so consider your current situation carefully before choosing one.
3. The Deadline
Don’t let the deadline pass you by. The deadline is the biggest reason you should get your forms filled in early. If you don’t, you have to be aware of the deadline and get everything sorted before it.
If you have filled them in, don’t forget to post them in time.
4. Don’t Forget to Sign
This one sounds ridiculously simple, doesn’t it? Yet the IRS claim that one of the most common problems with tax returns is the number of people who forget to sign theirs.
I guess with all of the stress that comes when trying to fill your return in, it’s easy to focus on the questions, the figures, and the amounts. Signing off at the end can easily be missed, but without a signature, the IRS can’t process the return.
5. Charitable Contributions & Deductions
Most people aren’t going to forget this section under any circumstance. Deductibles are awesome and there are all kinds of strange tax-deductible items which you might not have thought of – like cat food.
Charitable contributions are deductible too, but sometimes people can accidentally leave some contributions off. It doesn’t have to be a large sum or a regular contribution, even a small one-off donation counts.
