The time is now to get the 2020 tax season behind you, and time-tested tips can keep you safe and informed to do it. Whether you depend on a business accountant in South Jordan or small business CPA, or do most individual tax preparation yourself, timeliness and collaboration will ease your 2020 tax season.

Be Careful And Thorough

Tax season inspires con artists and scammers to take advantage of the stress people are under. The worst leave honest people without taxes filed, but a host of financial problems to sort out. Do not release your social security number, family information or more to these profiteers.

Ask trusted associates to recommend a trustworthy business accountant. Never accept solicitors’ offers for tax preparation over the phone. Reply “STOP” to emails and text messages claiming to represent the IRS, as the IRS would not email or text.

Don’t Delay Your Tax Preparation

The IRS opened for your tax business on January 28, the official date it started accepting returns. Smart, early filers pad time to catch and correct inaccuracies or discrepancies. You still have time to join them. This is true in South Jordan as well as all of Utah.

Rushed filings compromise accuracy and precious double checks. The longer you wait, the more you risk an overwhelmed business accountant won’t be able to squeeze you in. If you file individual taxes with employer-issued W-2 forms and few complexities, an accountant would love to finish your simpler case quickly.

Be Certain You Paid Enough Tax

The 2017 Tax Cuts and Jobs Act changed the way the IRS configured withholding tables. Its subsequent slow revision process delayed the average HR manager and small business CPA from receiving updates on precise amounts to withhold and estimate for clients. This means, unfortunately, you may not have automatically paid all the taxes you should have.

Your 2020 business tax preparation must cross-reference the most recent Tax Withholding Estimator tools in addition to your paycheck stubs. This step is critical to keep you operational if taxes are more elaborate from your small or online business ownership.

Choose Tax Deductions Wisely

The fine nuances between standard and itemized deductions are best left to professionals. It benefits you to have an accountant figure the amount and type of deductions you need for the maximum refund.

Standard deduction is a fixed reduction in your Annual Gross Income (AGI) according to your filing status. It gives you a lower income to base tax liability on.

Itemized deduction is a special break or category you could have unique qualifications for, to lessen your tax bill.

Business owners, including online entrepreneurs, especially need a small business CPA in South Jordan to make sure all their itemized deductions are legitimate. However, everyone should collaborate with an accountant on deduction cost-benefit analyses. Sometimes, the standard deduction is best when the extra forms and time itemized deductions require factor in.

Once you file 2020 taxes and breathe a sigh of relief, let your accountant in South Jordan help you start strategies and investments to save more for next season.