The end of the year is a notoriously busy time, which means that most people aren’t actively thinking about filing their income taxes. However, when it comes to making a financial plan, and preparing for future tax filings, it’s never too early to start planning. That’s one of our greatest tips for those looking to successfully and efficiently file income taxes in 2024. What else do we recommend? We’ve got plenty of tips, especially for those filing taxes in Charlotte, North Carolina. In this post, we’ll break down some of our best advice for filing your 2024 income taxes in Charlotte (and beyond).
Tip #1 Plan Ahead and Start Preparing Now
Being prepared and planning, regardless of the task at hand, is usually sound life advice.
However, it’s particularly fitting for those looking to ease their mind and workload when faced with income tax filing, as even the most seemingly straightforward tax filers can benefit from initiating prep work throughout the financial year. Too often people will put off their tax work until the very last minute, and while it’s certainly possible to still file income taxes on time and accurately at the last minute, rarely is it advisable. Moreover, filing at the last minute doesn’t leave a lot of time to explore your options, or account for errors. Not to mention, it’s infinitely more stressful to work on taxes right before the deadline.
Another reason why it’s a good idea to plan is because tax information and requirements are subject to change. Just because something’s been the standard method for a handful of years, doesn’t mean that it can’t be changed. As the saying goes, the devil is in the details, which is why it’s important to always read the fine print. That way, if you have any questions or concerns you can raise them with the proper people, giving you plenty of time to get a game plan in motion.
Even just a little bit of prep work can make a massive difference. Take getting organized for instance. Sometimes just the act itself of organizing your financial records and putting things in one convenient place (whether digital or physical) can help you visualize the task at hand. It can also help you quickly find pertinent information at a moment’s notice.
Tip #2 Be Aware of Tax Scams and Potential Fraudulent Behavior
While technology has gotten more sophisticated across the board, so have the scammers who utilize it to trick others. Unfortunately, lots of scammers like to engage in tax fraud schemes as a way to try and siphon money from genuine, well-meaning taxpayers. Keep in mind that IRS scams can occur at any time throughout the year but can pop up more pervasively in the months directly leading up to tax season (and immediately afterward).
To help American tax filers avoid scams and fraud, The IRS itself has published a page on its website clarifying what to be on the lookout for. As a rule of thumb, when the IRS initiates contact, it most often is done through snail mail. With that said, according to their website, there are certain instances where the IRS will make phone calls or come to your home. However, be advised that most IRS contact is first initiated by snail mail, and you’ll usually receive a few notices via the United States Postal Service before they try to contact you elsewhere.
Also, remember that you can reach out to the IRS at any time to both report a potential scam and verify that the messages you’ve been receiving are being sent by the IRS.
Tip #3 Don’t Lose Out on Potential Benefits
Tax season can be stressful and unpleasant, which is why a lot of people try to get through the process of filing as quickly as possible. While rapidly knocking out your taxes might feel good initially, keep in mind that you also might be missing out on sizable opportunities for returns and breaks. Even if you’ve been filing taxes for years without any special considerations for breaks, it’s still a good idea to double-check every year as things are subject to change. You never know where a break might appear, which is why it’s a good idea to either put in the research yourself or consult a professional who can bring these refund opportunities to your awareness.
Tip #4 Want a Relatively Stress-Free Tax Season? Call in the Professionals
Admittedly, it can be tempting to download tax filing software and fill out all of the information for yourself. In some cases, this might be the most sensible pathway forward. However, you’ll never regret working with a competent tax professional, especially one who has been in the business for as long as McGrant Tax & Bookkeeping located in Charlotte, NC.
Seasoned tax professionals can take control of matters for you, ensuring that every “t” is crossed and every “i” dotted. Even so, a lot of people may talk themselves out of using a tax service for a handful of reasons. Perhaps they’ve been doing their taxes for so long that they don’t see a professional as a necessary investment. Or maybe they feel like a tax professional will cost them more money than it’s worth. While it’s always a good idea to evaluate your needs on a case-by-case basis, in most circumstances a tax pro is a welcome asset. The presence of a pro can significantly decrease your stress, and give you the invaluable gift of more time because as we know, time is money.
Tip #5 Worried About Deadlines? Know Your Options
If you’re dangerously behind on your taxes and worried about meeting the deadline, take a minute to pause and consider your options. Taxpayers who are toeing the deadline tend to get spooked and talk themselves into filing returns that are potentially incomplete or inaccurate only to be faced with redoing all of the work months down the line. Just know that there are options available to you, and extensions are possible. It’s always a good idea to check for extensions, ahead of time, at the local level, as extensions are often granted to people due to a series of extenuating circumstances.
As always, knowledge is power. The more you know about your tax filing options, the better. It’s never too early to start planning for tax season.
At McGrant Tax And Bookkeeping, we are here to help answer all your questions regarding your tax questions as your primary tax preparation office in Charlotte NC. Please feel free to contact us today at any of our two locations or visit our website https://mcgranttax.com and book an online or physical appointment.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her attorney, business advisor, or tax advisor concerning matters referenced in this post. McGrant Tax and Bookkeeping assumes no liability for actions taken in reliance upon the information contained herein.
