Tax Preparation in Texas: A Complete Checklist to Prepare for Tax Season

Tax reparation is an important part of financial planning for both businesses as well as individuals. Missing any important details can prove to be costly. We suggest hiring a professional company with relevant experience in handling taxes and books of accounts. Financial Planning & Tax Office Inc. can be your trusted accounting partner. We can help you with complete tax preparation services in Texas.

Preparing a checklist of the steps and documents you need can make the process easier and smoother. Here are some tips that can help you in your tax preparation. Let’s explore more about the subject in this blog below.

7 Crucial Tips to Prepare You For this Tax Season

1. Find out your filing deadline and status

The deadline for filing your federal income tax return for the 2023 tax year is April 15, 2024, unless you request an extension. The deadline for filing your state income tax return may vary depending on your state, so check with your state tax authority or visit the Tax Foundation.

Your filing status determines your tax rates, deductions, and credits, as well as whether you need to file a tax return at all. You can choose from five filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child. Your filing status depends on your marital status and dependents as of December 31, 2023.

2. Gather your personal and dependent information

The next step to prepare your taxes is to gather your personal and dependent information. You will need information like name, date, Social Security number, address, etc. for yourself and anyone you claim as a dependent on your tax return.

3. Collect your income documents

You will need to report all the income you received in 2023, such as wages, salaries, tips, interest, dividends, capital gains, retirement distributions, unemployment benefits, alimony, and more. You may receive various forms from your employers, payers, or financial institutions that show your income.

You should receive these forms by January 31, 2024, or February 15, 2024, for some forms. If you don’t receive them by then, contact the issuer and request a copy. You should also keep track of any income that is not reported on these forms, like cash income, self-employment income, rental income, gambling income, etc.

4. Gather your expense and deduction documents

You may be able to reduce your taxable income by claiming various deductions and credits, like standard deduction or itemized deductions, child tax credits or earned income tax credits, education expenses or credits, retirement savings contributions or credits, charitable donations, medical expenses, mortgage interest and property taxes, business expenses, alimony paid, and moving expenses.

You will need to have receipts, statements, invoices, or other records that show your expenses and deductions. You may also receive some forms that report your deductible payments.

5. Choose your filing method and software

You can file your taxes either electronically or by mail, but the IRS recommends e-filing as it is faster, safer, and more accurate. You can also choose from various tax software or online services that can help you prepare and file your taxes. You should compare the features, prices, and reviews of different tax software or online services to choose the one that suits your needs and budget. However, with FPTO at your service, you can rest assured of the best tax preparation services in Texas.

6. Review your tax return and sign it

You should check your tax return for any errors, omissions, or inconsistencies, and make sure all the information is correct and complete. You also need to verify your calculations and compare your tax return with your previous year’s return for any significant changes or discrepancies.

You should also sign your tax return, either electronically or by hand, depending on your filing method. You can also hire us for the same and let us help you with our expertise.

7. File your tax return and pay your taxes

You should file your tax return by the deadline, which is April 15, 2024, for most taxpayers, or October 15, 2024, if you request an extension. You should also pay your taxes by the deadline, or as soon as possible, to avoid any penalties and interest. You should also keep a copy of your tax return and payment confirmation for your records. Don’t forget to track the status of your tax return and refund using the IRS Where’s My Refund?

Hire the Experts

Financial Planning & Tax Office Inc. is the ideal choice if you’re looking for efficient and affordable tax preparation services in Texas. You can also count on us for same-day service and refund advance. Schedule a consultation with us today and let us help you with your tax planning.