Quantcast

Are you ready for Tax Season?

Courtesy of DeMaurio W. | 2/27/2015, 3:42 p.m. | Updated on 2/27/2015, 3:42 p.m.
Keep in mind that this 2014 tax year is the first year in which a penalty will be enforced for ...
Are you ready for Tax Season? (Baltimore Times)

— Tax season is now in full swing and if you are like the rest of us you are just now getting your W2’s or 1099’s and thinking about when you’re going to file. Now some people want to file as soon as possible while others prefer to wait to the absolute last minute, but it’s important to file your taxes as soon as you are able.

Three reasons why you should file early:

  1. Starting the process early gives you a chance to look a tax specialist you feel will work with you to ensure that you get all of the deductions you qualify for and will give you the best assistance and information for you tax obligations moving forward.
  2. Filing early in the tax season gives you time to gather any additional records you need to complete your tax returns and get the best possible refund or tax reduction possible. This is much better than waiting until the last minute to file and then having to leave out a lot of possible deductions because you do not have the time to gather all of the required information.
  3. And last but not least, the quicker you file the faster you get your refund back (if you qualify for a refund).

If you are an small business owner/entrepreneur or do work that pays you as a 1099 you will be responsible for all of your tax due to the state and federal and most likely will owe money if your business has turned a profit. Working with a tax professional early comes in handy for you so that they can help you gather all of your pertinent records for filing purposes and help you fine tune any of your bookkeeping processes moving forward.

Keep in mind that this 2014 tax year is the first year in which a penalty will be enforced for not having health insurance during any part of the tax year. This penalty can quickly eat up any tax refund you would be getting, so if you did not have health insurance in 2014 I strongly encourage that you get some health insurance as soon as possible! There are even some tax credits for being a part of the state government health care exchanges.

Bottom line, file as early as possible and get it out of the way. Filing taxes is something that cannot be avoided and it is in your best interest to find a specialist that is going to educate you as well as submit your paperwork (something that is not always guaranteed with the commercial tax prep companies).

DeMaurio W.

Licensed Tax Specialist

Champion Tax and Bookkeeping

Phone: 1 (800) 413-6311 x 507