Usually, the tax filing process ends in mid-April. But Coronavirus has forced the government to extend the last date of a tax return. Now, the last date to file your tax return for the year 2019 is July 15, 2020. There have been many other changes but the process to file the tax is not easy as compared to earlier times.
There is no worry if you have to file your tax return. In this blog, we are going
to talk about some online resources that can make this process a lot easy for
you.
1. Make proper
arrangements for the next year:
-
Though you have got some extra time this year, it
doesn’t mean you have to relax. You should make the proper arrangements for the
next year because you may not get enough time then. One thing that is fairly
easy and can be done by anyone is to keep all your required documents in one
place. You can do it by storing all those documents in a file. As you can now
file online tax returns, it would not
take much time but preparing the documents is a time-consuming task. Make sure
you are using a durable file for this purpose. Don’t forget to store the
digital copies of all your documents. You can use google drive for this purpose.
When you have stored the digital copies of your documents someplace, there
is not much problem if you can’t find the original documents in your home.
Important documents include your filing of last year, 1099 or W2 forms, forms
of your homeownership, documents of your retirement funds, etc. If you don’t
have precise knowledge about the required documents, you should have a look at the Accounts NextGen checklist.
2. Use the
online facility for filing your Trust tax
return:
- The offline method of doing it is fine but you also try
the online tax return. Many applications can help you in doing it. Some of the most popular
applications include Accounts NextGen, Turbo Tax, and Expensify. Some of the
applications are free while others provide paid services. If you are confused
about which application to use for filing an online tax return, you can use
IRS’s Free File Program.
-
If you have filed your tax return online and there is
something wrong with your documents, you will be notified by the IRS very
quickly (far more quickly than the offline mode). In this process, you will
also have all the records and documents in your email.
3. Feel free
to take professional help:
-
If you find this task to be tiresome, you can hire a
professional for this purpose. The concerned person for this job is called a tax
preparer. If you don’t know where to find one, just go to Nerdwallet. You can
find a lot of hints there for choosing a better tax preparer. No matter whom
you choose for this purpose but make sure that your tax preparer agrees to
represent you in times of audit. This is quite a helpful step in filing your Company tax return. As everyone is not aware of
the changing rules related to taxation. But a tax preparer can make you
completely stress-free in this process.
4. Check for
some free programs:
-
There are plenty of free programs that you can opt
for. If you had an income of less than $69,000 in 2019, you are eligible for
using the free software of the IRS. This is a very nice tool for all those who
have a simple income. There is another free software from Turbo Tax that is for
those who have an income of more than $69,000. This tool is also for those who
don’t have a much complex income. So, normal people can benefit from these
free schemes while filing their Individual tax
returns.
5. Spend some
time to relax your mind:
-
This kind of situation can be quite frustrating.
Whenever you are in such a situation, try to have broken after an hour. You can
have a 5-minute walk. You can also listen to some music to decrease your
stress. You need to be efficient all the time if you want proper growth in your
life. You can ensure this growth by paying attention to your emotional balance and
mental health.
There are a lot of rules involved in filing a Personal tax return. You can also request an
extension if you are not ready but in this fiscal year, you have to do it
before 15 July.
