Previously, the True Resolve Tax Professionals in Denver provided the first possibility in our two-part look into last-minute tax return options for individuals – filing an extension with the IRS to give yourself an extra 6 months to submit your tax return. While this can give many taxpayers breathing room, it may not be the right fit if you think you’ll owe the IRS money. In fact, it can quickly escalate into a financial mess. Today, let’s look at your second option, buckling down and beating the clock.
Can I Really Get My Taxes Done in Time?
Yes, even though the clock is ticking, you still have time to get organized and submit a proper tax return for 2017. First, you’ll need to gather everything in one place, including all those tax forms that have filled your mailbox recently. This is where our FREE Tax Preparation Guide will come in handy. Simply use our comprehensive checklist to gather all pertinent information and documents in the following categories:
- Personal Information and Dependents
- Higher Education
- Employment and Self-Employment
- Retirement and Contributions
- Investments and Savings
- Home Mortgage
- Rental Property Income
- Miscellaneous Income
- Other Deductions
- Medical Insurance Costs and Expenses
If you own a small business, our guide also includes a checklist just for you. So, even if your filing system for your business finances is a bit disorganized, this list will help you make sense of things.
How Do I Prepare My Taxes?
You’ve likely noticed tax preparation offices on nearly every block recently, and with nearly 250 million adults in the United States, it’s no wonder. That’s a lot of tax returns that need to be filed!
Now, once tax season passes, most of these locations will close up shop. So, what happens to all of their “tax professionals” who are responsible for accurately preparing your taxes and protecting you from the scrutiny of the IRS? Well, similar to the holidays, many tax preparation companies hire seasonal workers. With just a little bit of training and a couple tax classes, these people are set loose on the general public with limited liability to help you in case something goes wrong with your taxes and the IRS comes after you. So, that’s one of the last-minute tax return options for individuals.
Then, there’s the DIY route. You can go with tax preparation software where you plug numbers into a one-size fits all algorithm that spits out a number at the end showing what you’re getting back or what you owe. You can even pay extra for chat support and a little more money for help in case of an audit. Just be sure to read the fine print. Many software companies will only assist if their system calculated incorrectly. If you forgot to plug in a number or plugged in a wrong number, you’re on your own.
Who Can I Call for Real Tax Preparation Help?
You’ll want to look for full-time, experienced professionals to assist with your tax returns. They should have an IRS Preparer Tax Identification Number (PTIN) which gives them the authorization to prepare your federal returns. This includes credentialed CPAs, attorneys and enrolled agents, all of whom can legally stand between you and the IRS in the unlikely event of an IRS audit, or if you owe and just need help negotiating payment terms. Your tax professionals shouldn’t just plug numbers into a computer, but carefully work through your return to find the maximum number of credits and deductions – and ensure you pay the minimum tax legally possible.
Luckily, if you’re wondering about last-minute tax return options for individuals, the True Resolve Tax Professionals in Denver are here to help. We tick all the boxes above. Our team can prepare returns for both individuals and businesses, as well as provide all the support you need if you ever find yourself facing tax issues with the IRS. Our enrolled agents are ready to get started, so don’t wait another day.