Simplify Tax Season: Tips for a Smoother Filing Process

It’s that time of year again—tax season is here! Whether you expect a refund or owe taxes, preparing early can help you avoid stress and unnecessary delays. Here are key steps to take now to ensure a hassle-free filing experience.

Get Organized Early

Don’t wait until the last minute to schedule your tax preparation appointment. Gather all the necessary documents to ensure your return is accurate and complete. This includes:

• W-2s from your employer
• 1099 forms for contract work, investments, or other income
• Statements for interest and dividends
• Receipts for deductible expenses (such as charitable donations or business expenses)

Missing or incomplete information can delay processing and any refund you may be expecting.

Double-Check for Accuracy

Simple errors can cause unnecessary complications. Before submitting your tax return, verify the following:

• Your name and Social Security number (and those of your dependents)
• Income amounts and reported figures
• Your bank account information (if opting for direct deposit)

Even a minor typo could delay your refund or trigger an IRS notice.

Avoid Late Filing and Payment Penalties

If you owe taxes, filing and paying on time is crucial. The IRS imposes separate penalties for failing to file and failing to pay. Here’s what you need to know:

• Late filing penalty – If you miss the deadline, you could face a penalty based on the unpaid taxes. However, you can request a filing extension until October 15, which gives you extra time to file—not to pay.
• Late payment penalty – Even with an extension, you must estimate and pay any taxes owed by the regular deadline to avoid penalties and interest charges.
• Penalty relief – If you miss the deadline due to a reasonable cause (such as illness or an emergency), the IRS may waive certain penalties.

Need Help? Let’s Talk.

Navigating tax season doesn’t have to be stressful. Whether you need help filing or have questions about potential deductions, we’re here to assist. Contact us today to schedule your tax appointment and ensure a smooth filing process.

HoganTaylor Wealth

HoganTaylor Wealth provides an integrated approach to investment and financial planning and is a registered investment advisor and subsidiary of HoganTaylor LLP. HoganTaylor Wealth takes pride in serving clients as an independent fiduciary through holistic financial planning. Learn more at hogantaylor.com/wealth.

INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.