Best Practices for Tax Seaon 2017

Don’t let the sound of tax season scare you. It can sometimes be overwhelming and confusing, so Schlenner & Wenner Co. wants to help ease your worries during this hectic time. While some individuals calculate their own tax returns, many miss out on new law changes, discounts they weren’t aware of, or simply make mistakes. It is reassuring to file with a professional to guarantee the paperwork is filed correctly.

We’ve gathered the top tax tips and information to get you through this tax season effortlessly:

Stay Organized. Get rid of that junk drawer filled with old receipts and paperwork. Have one designated place to store all of your tax documents and earning statements. Keep a spreadsheet of your charitable donations for easy access. Being organized is the first step to a successful tax season and makes the rest a breeze.

Protect Your Identity. Identity theft is a common concern during tax season. Use a security software and always double check where you’re entering personal information online. Create strong passwords using random letters, numbers and special characters to prevent hackers. And stay on the lookout for tax season scams; remember, the IRS will never contact you directly via email, phone, or social media. They will only contact you via letter, and will not ask for specific payment instructions, like a prepaid credit or debit card.

Don’t Forget Your Earned Income Tax Credit. According to the IRS, one out of every 5 workers fails to claim their earned income tax credit. An income tax credit is a refundable tax credit for low to moderate income working individuals and couples. The amount of income tax credit benefit depends on the recipient’s income.

Make the Most of Your Educational Expenses. The IRS offers tax breaks to individuals who are furthering their education. If you, your spouse or your dependents had higher education costs this year, there may be some tax savings in your future. Learn what tax benefits for education you qualify for.

How you handle your taxes is up to you. Avoid common mistakes and create a stress-free tax season; work with Schlenner Wenner & Co. for assurance that your paperwork will be filed correctly and that you receive your maximum refund. We want to make this time of year a breeze for our clients and tax professionals.

 

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