At Consolidated Credit, we don’t wait until April to think about filing taxes. We want to help you get your taxes done early, too. Filing early has some great benefits: You can maximize your tax return sooner, help prevent tax ID theft, and you get some peace of mind without having to stress out in the spring. That’s why we planned a Tax Hacks webinar for February 12th.
In the webinar, we’ll cover topics like basic tax knowledge, what causes trouble with the IRS, how to get out of trouble with the IRS, how to find the right tax professional, and the best tax hack we know (you’ll have to tune in to learn this one!).
This infographic covers some of our favorite tips from the webinar:
More tax tips to make this year’s tax season easier
Tax season officially opened on January 27, so you can file your taxes anytime between now and April 15. The earlier you file, the earlier you get your tax refund. It’s as simple as that.
File even if you can’t pay
The penalties for not filing are ten times worse than if you file and don’t pay everything you owe immediately.
Set up direct deposit
Taxpayers who use direct deposit to receive their refund get their money faster. They can also automatically split the deposits among up to 3 accounts. This allows you to put some of your refund directly into a savings account, so you can automatically save some of the money you receive.
Save all your records
If you have letters from the IRS, keep them all. And remember, the IRS will only contact you through the mail. If you get calls or emails, it’s likely a scam.
Note: The IRS has authorized third-party debt collectors to collect back taxes on their behalf and these collectors may contact you by phone. If you owe money to the IRS and receive a call from a collector, ask for an IRS authentication so you can verify the company is legitimate.
IRS Free File
There are many benefits to using the IRS Free File system to file your tax return. You can use Free File as long as your Adjusted Gross Income in 2019 was $69,000 or less. There are a few different online tax services that use Free File, so take advantage of them and save some money.
Check where your refund is
Within 24 hours after you e-file your tax return, you can track it on the IRS website or on the IRS app.
Get professional help – seriously
The best way to protect yourself from tax mistakes will always be getting professional help. Watch our webinar to learn how to find a professional tax service without falling for a scam.