Posted by: Garcia & Cuadra, PA | October 29, 2014

A Beginner’s Guide to Tax Preparation

Guide to Tax PreparationLearning the proper methods for tax preparation is a necessary evil. Though dreaded by many, filing your taxes does not have to be a long, complicated process. Once you learn how the process works and how to prepare for tax season, it can actually be quite easy. Garcia and Cuadra, P.A. is determined to help people in the Tampa Bay area completely change their perspective on taxes.

The IRS (Internal Revenue Service) has come a long way in their attempts to make the tax preparation process easier for people. However there is still a chance of being hit with hefty fines and penalties if you make a mistake or file any tax form incorrectly. This is why it is so important to make sure you understand the process and have the necessary assistance to navigate the process with ease.

How it Works

Typically, you should file a tax return form every year by April 15. Throughout the year you should be keeping track of any and all deductions so that when it comes time to filling out this form, you can access this information quickly.

The following are the most important factors of tax preparation in Tampa:

  • Identifying yourself. Know whether you are going to be filing as single, married (filing jointly or separately), head of household, or qualifying widow(er) with dependent child.
  • Choosing the right forms. You will need to file the standard W 1040, but it is important to know which additional forms you need which vary depending on your amount of income and deductions.
  • Check for errors. Some of the most common mistakes people make when filing their taxes is forgetting a signature (if filing jointly) or miscalculating. Unfortunately, even the most minor mistake can result in penalty here in Tampa.
  • Prepare & send tax return. Most of your preparation will involve gathering the right forms and documentation of your finances over the past year. It is helpful if you keep all receipts and income statements organized throughout the year. When you are finished, you will have to send your return to an IRS processing center using the envelope provided by them.

With all this being said, many people find that hiring a professional accountant to help them with tax preparation is the safest and most cost effective option. Not only will you save a lot of time and energy, but you won’t have to worry about making a silly mistake and facing consequences for it.

For more information, or to schedule a consultation with a federally licensed tax practitioner at Garcia and Cuadra in Tampa, give the office a call today:  813-415-2431.


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