Things to Remember When Filing Taxes

Posted on February 10, 2023

Things to Remember When Filing Taxes

There are many misconceptions about taxes which can lead taxpayers to make mistakes when filing their tax return. It is essential, therefore, to understand the facts when preparing and filing taxes.

Individuals who may not be required to file a return may be eligible for certain refundable tax credits focused on lower and middle income taxpayers. Taxpayers can visit an IRS center in their neighborhood to get information about which credits they qualify for and if they qualify for a refund. There, IRS volunteers can assist them in filing a tax return to claim the credit(s).

Even those who report no income can be audited by the IRS. The IRS audits returns from every income bracket. An audit does not necessarily mean that the IRS has found a mistake in your return or that you owe back taxes. The agency may conduct an audit to get the required facts they need to determine whether taxes are being paid or not. Many audits are only done through correspondence.

When filing taxes, taxpayers must ensure that they have prepared their returns accurately. They can use tax preparation software or a professional tax preparer to prepare taxes correctly. Many taxpayers prepare their tax return themselves. They can use IRS E-File to electronically file their return.

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