8 Tips for Those Who Have Been Procrastinating on Tax Preparation NJ

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8 Tips for Those Who Have Been Procrastinating on
Tax Preparation NJ
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• If youre still procrastinating on filing your
  taxes this year, the good news is that you can
  still get most of the refund youre owed
  (assuming you qualify). The bad news is that
  there are penalties involved if you wait too
  long, so its best to file as soon as possible if
  you want to benefit from your refund. Here are
  eight tips that might help if youve been putting
  off tax preparation in NJ this year.

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Early Is Better

• If youre concerned about receiving a tax refund
  or owing money, you may want to file your taxes
  early. Filing early allows you to check whether
  you might be eligible for any credits or
  deductions that could result in more money in
  your pocket. If something happened late last year
  and resulted in a change to your financial
  situation, filing early also gives you time to
  change your return before it is officially
  submitted. However, there are a few things to
  keep in mind when filing early. For example, you
  will need to estimate your tax liability as
  accurately as possible and pay any balance due
  with an e-file. Additionally, some states require
  estimated tax payments throughout the year if
  you live in one of these states and make an
  estimated payment during tax season but dont pay
  enough during those months (or at all), theres a
  chance youll receive a bill from your state
  after submitting your federal return.

Don't Overwhelm Yourself
Its never too late to get started. Take it one
step at a time, and dont try to do everything at
once. Tackle the biggest challenges first and
then move to more manageable things. You might be
surprised at how easy it is to get back on track
if you take things one day or even one hour at a
time. And dont forget about all of those
resources available onlineyoull find tax
preparation software as well as video tutorials
that can make preparing your return less
stressful and more rewarding, no matter how
little youve done so far. Whether youre trying
to learn how to file an amended tax return or
figuring out what documents are needed when
filing taxes, there are plenty of resources
available right here in New Jersey that can help
you succeed with ease.
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Know What Information You Need

• Its not always easy to know what information you
  need to file your taxes, especially if youre a
  first-time filer. If you dont have all of your
  receipts and financial records, its okay there
  are other ways to gather some of that data. For
  example, if you own a business or drive for Uber
  or Lyft, all of your earnings should be recorded
  and available online call your bank and credit
  card companies and request copies of last years
  statements. Try making a listeven an incomplete
  oneof all sources of income, as well as expenses
  such as mortgage payments, childcare costs, and
  charitable donations. These steps will help give
  you an idea of how much tax you might owe or even
  whether it makes sense to complete your return at
  all.

How Long Will This Take?
Although there is a time limit for getting your
tax return filed, you may have some wiggle room.
Theres no need to panic if youre still working
on things a few days before April 15th. Still,
its better to do it sooner rather than later so
that you can avoid penalties or interest charges.
Dont leave filing to chanceorganize your
paperwork now and get started as soon as
possible.
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Don't Wait Until the Last Minute to File

• If youve been putting off filing your tax
  return, dont wait until April 15th to do it. The
  IRS wont accept any paper returns before January
  28th and depending on how complicated your taxes
  are, you may need more time than that to file.
  Even if you pay someone else to prepare your
  taxes, its best to give them as much time as
  possible so they can provide you with all of the
  information and documents you need. If you know
  what documents are needed ahead of time (e.g.,
  W-2 or 1099 forms from your employer or
  investment manager), try asking for them in
  December so that when it comes time to file
  taxes, things move more quickly and smoothly.

Make Time for Accounting Software
For many people, tax preparation involves a mad
scramble to get all their information together.
One mistake that can be made when youre working
under a tight deadline is using an Excel
spreadsheet or piece of paper to manage your tax
information. While these methods may work in
certain situations, its important to know that
if your situation is more complex, you should
probably use accounting softwarenot only will it
help you file in time, but there are specific
functions that are designed specifically for tax
management. No matter what method you choose to
use, having one set way of filing taxes will make
life easier come next April.
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Do Your Taxes or Hire Someone?

• Tax laws are complex, and its easy to make
  mistakes if youre doing your taxes yourself.
  Many of us know enough about tax preparation to
  get by, but that can be dangerous In fact, in
  2014 more than 5.6 million Americans filed their
  returns incorrectly (which led to a big refund
  delay) or didnt file at all because they made a
  mistake and then got stumped when they couldnt
  figure out how to fix it. If youve been
  procrastinating on filing your tax return because
  you dont understand something, now is a good
  time to ask for help from someone who doeseither
  an accountant or a friend/family member who has
  helped with taxes before.

Ask For Help If You Need It
If youre struggling to prepare your tax return
by yourself, dont be afraid to ask someone else
to help. A tax professional can help you avoid
simple mistakes and make sure that everything is
done correctly. If you prefer to do it yourself,
some tax software programs are very easy to use.
You should take extra care when inputting data
into a tax program, however, as doing so
incorrectly could lead to a delay in getting your
refund or additional penalties from the IRS. Ask
friends and family if theyd be willing to look
over your work its never too late to learn
something new!
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Contact Us

• Address - One Gateway Center Suite 2600 Newark,
  NJ 07102
• Email - info_at_rapfinancial.com
• Phone - (866)-890-7277
• Website - https//rapfinancial.com
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  ho-have-been-procrastinating-on-tax-preparation-nj