Tax refunds may be delayed for various reasons. If you can pay what you owe, you may be able to avoid a penalty. Another option is to get a refund anticipation loan to pay your taxes. You can even file your returns online with Suter Treuhand Consulting.
Paying what you can reduces tax penalty
If you owe less than the full amount of your tax, there are ways to reduce your tax penalty. One method is to make targeted payments throughout the year. However, you can’t wait until the end of the year to make payments. You need to pay approximately 1/4 of your total tax amount each quarter. The due dates for these payments are April 15, June 15, September 15, and January 15. Payments are generally extended on weekends and holidays.
Filing a tax return online
Filing a tax return online is a relatively simple process. Depending on your personal circumstances, it can be as simple as gathering your tax documents from your employer, such as W-2(s) or 1099-B for capital gains. Once you have those items, the next step is to fill out the necessary forms on the IRS website. Finally, you can pay your taxes online or through an electronic funds withdrawal.
There are many benefits to filing your tax return online. First, you’ll receive almost instantaneous confirmation of receipt. When you file your return electronically, you can simply check your email account to see if the IRS has received it. This also means that your refund will be processed faster.
Getting a refund anticipation loan
If you need money right away to finish your tax returns, an anticipation loan may be an option. However, there are several things you need to consider before making this kind of loan. First of all, many of these services may charge interest and fees up front, which can easily outweigh any potential tax refund. It may also be advisable to check the terms and conditions of each company before signing on the dotted line. Some companies may require a credit check, while others may not.
Another option to get a refund anticipation loan is to hire a tax prep service. While paper tax returns can take 12 weeks to be processed, electronic returns can be processed within 21 days. Tax preparation services can help you file your tax returns as early as Jan. 1. They may also offer refund anticipation loans for people with bad credit.
Filing a tax return yourself
Many taxpayers prefer to file their taxes themselves, and there are several advantages to doing it yourself. There are several software programs, Internet resources, and even mobile apps that help make the process more convenient. These tools are also relatively user-friendly, which makes it more appealing to the average taxpayer. In 2014, 27 million taxpayers filed home computer-filed returns. Meanwhile, the number of taxpayers who opted to hire a tax professional dropped by 2.2 percent.
Filing your own taxes is a great way to save money. However, it can be daunting at first, and many rookie mistakes can be made. You will want to gather as much information as possible during the year. For example, you should collect your pay stubs to see how much you’ve earned in the past year. If you have more than one job, you should add up all the income that you received from each employer. You should also consider income from side jobs and other sources.
Hiring a tax preparer
Hiring a tax preparer is a great way to avoid the stress and hassle of preparing your own tax returns. A trained professional will compute your tax return and file it on your behalf, ensuring that your return is accurate and timely. It is very easy to overlook some deductions or credits, and a tax preparer will have the expertise to help you make the most of your refund.
You will need to fill out an intake form to give your preparer the information they need to complete your tax return. Once they have your personal information, they will use software to prepare your tax return. They will also ask you questions to ensure that all the information they need is accurate. After they have completed your return, they will double-check it and fix any errors. Then, you will receive a printed copy of your return that you can sign and store for your records.
Keeping tax returns on file
There are two main reasons to keep your tax returns on file. First, they show you how much money you’ve earned throughout the year. Second, if you’re self-employed, your income and expenses will be documented. Third, selling a home or other large asset can result in big tax consequences. It’s wise to hold onto any relevant documents for at least three years.
Taxpayers should keep important documents related to their taxes for three years after they’ve been filed. These include home expenses, records of stock ownership, and artwork. Additionally, if you’ve inherited property, you should keep the calculation of the estate value.