They say only two things are certain: death and taxes. And when it comes to taxes, you can be sure you’ll have to fork over lots of cash for the help of a tax professional, unless you follow these tips for saving money on tax preparation.
Get Organized
The less time it takes for a professional to prepare your taxes, the less they will likely charge you. That is why it’s important to come into your meeting prepared and organized. File your bills, add up your mileage log, and organize receipts. The more time you spend getting yourself ready for tax season, the less time a tax preparer will spend filing your forms. This tax preparation checklist from Wells Fargo will also help you get your important papers, documents and files in order before meeting with your tax professional.
Use Coupons
Some tax preparation services offer money saving coupons that will provide you with a discount when getting your taxes done. Print off this coupon and take it in to your local Regional Finance location to receive $20 when they prepare your taxes. Regional Finance has dozens of locations. Find the one that is closest to you.
Wait Until Your Forms Arrive
Your W-2 forms should arrive by January 31, but your employer can ask for an extension that will give them an extra two weeks. Waiting until these forms arrive will help your tax preparer file your tax forms more quickly which could save you money. And it will also prevent you from having to go back a second time and amend your tax return.
Don’t Procrastinate
April 15 may seem like a long time away, but don’t put off doing your taxes. Make an appointment and get it done. If you wait until the last minute you may have to pay extra in order for a tax preparer to help you get your taxes filed in time. And if you file your taxes late, the IRS may issue a penalty.
Review Tax Forms
Once your tax preparer completes your tax forms, review them closely. Any mistakes could be costly because they may result in an audit. Get it right the first time by triple checking all important information so that you won’t have to pay more than necessary for tax preparation.
