One of the few things everyone can count on being certain in life - is taxes. That’s true for the million+ residents in the great state of Montana. Whether you have a W-2, own a business, farm, or have a 1099, you’re guaranteed to be filing this year (with a few exceptions, of course). Taxes are ever-changing with new rules and regulations that are sometimes hard to keep abreast of – especially if you’re filing yourself. If you choose not to file, you could lose out on any owed tax refunds. So, what can you do about it? While the tax filing deadline can be stressful, there are several resources available to help taxpayers meet the deadline.
Best Practices:
Start pulling your tax information together now – the IRS begins accepting returns Monday, January 29.
Make sure to file your taxes or file an extension by April 15, 2024.
It is important to note that taxpayers can request an extension to file their returns, but this does not extend the deadline for payment.
Make sure your personal information, like change of address or name change, is updated as soon as possible to prevent delays in processing your returns and refunds.
The IRS website offers free tax preparation software for individuals with an income of $79,000 or less, making it easier for many taxpayers to file their returns.
Tax professionals and accountants can assist with tax preparation and offer guidance on deductions and credits that can help reduce tax liability.
Avoid Common mistakes
Filing too early
Incorrect filing status
Missing information
Entering information incorrectly
Misspelled names
Figuring credits or deductions incorrectly
Unsigned forms
Whether you do taxes yourself or have a tax professional do it for you, it is essential to ensure that all information is accurate and complete before submitting a tax return, as errors or omissions can lead to additional penalties and interest charges. By taking the time to prepare and file taxes properly, individuals can avoid potential issues and ensure compliance with federal tax laws.
Elite Accounting, Consulting & Tax is excited to be available in 3 locations this tax season and is accepting new clients! Their tax professionals are fully up to date on all the latest federal and state tax regulations. Schedule an appointment today at either their Billings West End, Billings Heights, or Laurel locations. You can call (406) 969-2200 to schedule an appointment or just walk in to get your taxes filed right away.