As the new year unfolds, it's time to turn our attention to the inevitable – tax season. Filing taxes can be a daunting task, but with the right preparation, it doesn't have to be a stressful experience. Whether you're planning to file your taxes independently or considering the tax prep services from Sunset Finance, this guide will help you navigate the complexities of tax preparation in 2024.
Organize Your Tax Documents:
Before diving into the tax filing process, ensure you have all the necessary documents in order. Collect W-2s from employers, 1099 forms for contract work, investment income information, and any other relevant paperwork showing sources of income. If you've had moving expenses, received a homebuyer tax credit, or incurred expenses that qualify for deductions or credits, gather the supporting documents.
Include documentation for childcare costs, education expenses, charitable contributions, and medical or work-related expenses. For direct deposits of tax refunds, you'll need your bank account number and routing number.
If you want an easy way to keep track of all the documents you need utilize our Easy Tax Prep Checklist. It is a free checklist that can assist you in organizing these documents efficiently.
Choose How to File:
With your documents in hand, consider the various ways to file your taxes:
- Paper Tax Forms: Some prefer the traditional approach of filling out paper forms. It's essential to double-check your work, mail forms to the correct address, and keep a copy of your return.
- Online Filing: Online tax filing has become increasingly popular, with four out of five tax returns now filed electronically. Software like TurboTax, H&R Block, and TaxAct guides you through the process, providing a step-by-step approach. Many people encourage online filing for its efficiency and faster processing times, especially for those opting for direct deposit of tax refunds. However, there can be filing fees tied to these options, so keep that in mind when choosing this option.
- Professional Assistance: If your tax situation is complex or you prefer professional guidance, working with a tax professional might be the best choice. Tax professionals can navigate the intricacies of the tax code, potentially maximizing your refund and providing year-round support.
The Pros and Cons:
Each filing method has its advantages and disadvantages. Doing your taxes independently offers cost savings and control over the process. However, it requires a good understanding of the tax code, and errors can lead to fines or audits.
On the other hand, working with a tax preparation service provides the potential for a larger refund, year-round support, and convenience. The cost is justified for those with complex tax situations or those who prefer the convenience and a professional's expertise to avoid potential errors.
How Sunset Finance Can Assist You:
Sunset Finance is committed to making your tax season as smooth as possible. Our tax preparation services offer free, no-obligation quotes and a thorough review of your tax documents to ensure you claim all eligible deductions and credits.
For those in need of financial assistance before their tax refund arrives, Sunset Finance provides tax advance loans of up to $6,000*, with funds available within 24 to 48 hours of IRS acceptance. This can be especially beneficial for covering immediate expenses.
Advantages of Choosing Sunset Finance:
- Accuracy and Expertise: Trust our experienced tax professionals to accurately prepare your tax return, reducing the risk of delays or audits.
- Year-Round Support: We offer year-round support, assisting not only during tax season but whenever you need it.
- Larger Refunds: Sunset Finance clients receive refunds that, on average, surpass the national IRS average. Our focus is on maximizing your refund amount.
As tax season approaches, consider your options and choose the method that best suits your needs. Whether you decide to file independently or seek professional assistance, proper organization, and early preparation are key. Download our "Easy Tax Prep Checklist" to streamline your tax document-gathering process.
Schedule an appointment at your local Sunset Finance or Flight Finance for a free no-obligation quote or to learn more about our tax preparation services and tax advance loans. Let's make this tax season stress-free and financially rewarding for you.
More Free Tax Prep Resources
- We've created the Sunset Finance Guide to Tax Returns to provide more information and make taxes a little less overwhelming.
- Learn what you need to know about filing this year's taxes in this blog. Including current tax brackets and filing dates.
- Learn more about Tax advance loans from our resource called "What is a tax Advance Loan?".
*Subject to our most liberal credit policies and IRS acceptance of your return.
Georgia NMLS #2045071.
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