Ways to de-stress your tax filing
As you probably know, Washington had the longest government shutdown in history earlier this year. During the shutdown, the IRS operated with only 12% of its staff. That means the IRS has a lot to catch up on, including answering questions, preparing reports, processing returns, and distributing refunds. You may also need to wait longer than normal to get your questions answered or get your refund because the tax code is so different now.
Preparing your taxes is never fun, but there are ways to minimize stress.
- Work with a qualified professional. While there is software aplenty to help you file, nothing beats working with an experienced Certified Public Accountant. We would be happy to put you in touch with a good one if you need assistance since we work closely with several firms.
- File electronically. If you’re doing it on your own, it’s better – and faster – to file electronically than on paper. You can learn more at www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
- Do a “paycheck checkup.” This is a resource the IRS provides to determine if you need to adjust your withholding or make additional tax payments. Visit www.irs.gov/paycheck-checkup to learn more.
- Start now. If you’ve already finished your tax return, great! If you have not, don’t delay. Start gathering documents, writing down questions, and examining your options. The easiest way to ensure tax-related headaches – and make mistakes on your return – is to wait until the last minute.
We here at RMR Wealth Advisors are here to help you work toward your financial goals. Please let us know if there’s ever anything we can do.