Things to Remember When Filing Your Taxes

remember payroll taxesThings to Remember When Filing Your Taxes
Tax season is no one’s favorite time of year. Filing taxes can be stressful and difficult for those who are unprepared. This tax season make sure you are prepared by keeping these key tips to remember when filing your taxes is mind.
Ask Questions
Regardless of whether it is your first time filing taxes or your tenth, if you have questions about anything, you need to ask a tax professional. Each year tax laws change and if you are not up to date on them, it is possible that you could make an honest mistake that could result in a penalty or an audit.
Know the Tax Terms and Forms
Before filing your taxes, you have to be aware of the various tax terms and tax forms. Tax terms such as AGI, deductions, and credits are important to know as well as forms such as 1099, EZ forms, and W-2. Having knowledge of the tax terms and forms insures that you are preparing your tax forms correctly and are not overpaying in taxes.
Take Deductions and Credits
Deductions and credits are important to be aware of because they decide how much money you will pay to the IRS or how much you will get back. Not claiming tax deductions and credits, results in you not getting the most of your hard-earned money back or over paying in taxes. If you have a professional file your taxes for you, they should be up to date with the credits and deductions that you are eligible to receive.
Meet the Filing Deadline
April 15 is always the deadline to get your taxes filed. Therefore, since this date never changes you should always be prepared to have your taxes filed before this date. If you do not file your taxes by this date, you will be penalized. Even if you owe money and do not have it available to pay, you are still responsible for filing your taxes. After filing, the IRS will be happy to set you up on a payment plan so you can avoid having your income garnished.
Bottom Line
Filing taxes is something that has to be taken seriously. If you follow the tips that we have provided you with today in this article you will find filing your taxes to be easier.

7 Tax Tips for the Self-Employed (Small Business Webcast)

If you read our blog post on what to consider as a freelancer, a great follow up you’re going to need to watch is this video from Small Business Webcast.

We’re discussing “7 Tax Tips for the Self-Employed.” It will take you through entity selection to highlight and explain some of the best deductions available to people who run their own businesses–from hiring your children to writing off meal and entertainment expenses.

Take a look:


Be sure to check out Small Business Webcast for our regularly updated webcasts on tax, accounting and small business topics including our database of recorded webcasts.

If you’re looking for the a highly skilled and knowledgeable team of Bellevue CPAs, you’ve come to the right place … Be sure to take a look at the services we offer our clients!

  • Huddleston Tax CPAs – Bellevue, WA
    Certified Public Accountants Focused on Small Business
    40 Lake Bellevue, Suite 100 Bellevue WA 98005
    (425) 273-6512

    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
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    We have a few meeting locations. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.